Global air cargo revenues rose 3% in 2025, reaching their highest level since the pandemic-era peaks of 2021 and 2022, driven by another strong year‑on‑year increase in chargeable weight to a new full‑year record, according to WorldACD Market Data.
December ended with a 7% year‑over‑year increase in chargeable weight, lifting global fourth‑quarter growth to 6% — slightly above the 5% gain in the third quarter and ahead of the 3% growth recorded in the first half of the year.
Full‑year chargeable weight in 2025 finished 4% higher than the record levels set in 2024, which had already posted an 11% annual increase.
WorldACD's dataset, based on more than 2 million monthly transactions, shows that average worldwide air cargo rates in 2025 slipped 1% from their historically high 2024 levels. Even so, total revenues — or total costs, depending on perspective — rose 3% for the year.
Strong December growth
WorldACD noted that the global 7% YoY tonnage increase in December was the highest full-month YoY growth of 2025, a fitting climax to what was another extraordinary and turbulent year.
Growth continued to be led by strong traffic out of Asia‑Pacific, which rose 11% in December and 8% for the full year.
"Given the extraordinary and fast-changing trade and tariff landscape last year facing international exporters and their logistics partners, it was another remarkable example of the agility and versatility of those companies, and the role that air cargo plays in supporting trade in volatile conditions," the report said.
WorldACD added that those Asia Pacific growth figures include some significant shifts in trade flows, most notably towards big increases in Southeast Asia to US air cargo flows while China to U.S. traffic has fallen or stagnated, alongside a big increase in volumes from China to Europe and several other markets.
Prices stable but slightly lower year over year
Average worldwide full‑market rates held steady in December at US$2.65 per kilo, unchanged from November but 2% below December 2024. Even so, industry revenues for the month were up 4% year over year.
Spot rates averaged $2.88 per kilo, flat month over month after a 7% November bump tied to holiday restocking and perishables out of Central and South America. Year over year, spot rates were 6% lower, with sharp declines from Middle East–South Asia (‑20%), Europe (‑10%), North America (‑9%) and CSA (‑9%) origins. Asia‑Pacific held up best, down 4% amid strong demand and tight capacity.
WorldACD said this showed similar patterns to last year.
From Dec. 22 to Jan. 4, capacity fell 9% compared with the prior two‑week period, while chargeable weight dropped 30% and average rates slipped 5% on a two‑week‑over‑two‑week basis.
"These patterns were very similar to the same period a year ago, as carriers cut back capacity to reflect falling end-of-year demand, with the only noteworthy difference being that rates in the equivalent period last year were more stable," the analysis said.
"That may reflect a number of factors, including continuing strong e-commerce demand from China a year ago as 2024 came to an end, compared with an apparently softening Chinese e-commerce market at the end of 2025, and an earlier Lunar New Year in early 2025 – which fell last year on January 29, compared with February 17 in 2026," WorldACD added.
