The global air cargo market remains stable, with demand levels and prices slightly higher than the same period last year. This is according to data from WorldACD Market Data for the tenth week of the year (3-9 March 2025), in a rapidly evolving geopolitical and commercial context. The analysis, based on over 500,000 weekly transactions, reveals that the total volume of transported goods remained unchanged compared to the previous week, recording a 2% year-on-year increase. Particularly notable is the recovery of cargo traffic from the Asia-Pacific regions, which saw a 5% increase compared to the previous week, returning to mid-January levels before the fluctuations caused by the Chinese New Year celebrations.
However, these gains were offset by declines in volumes from other regions: Central and South America (-9%), Europe (-3%), North America (-2%), the Middle East and South Asia (-1%), and Africa (-1%). When analysing the average of weeks 9 and 10, the combined freight volume rose by 4% year-on-year, with significant growth (+8%) originating from the Asia-Pacific region. However, the timing effect of the Chinese New Year should be considered, as in 2025 it fell on 29 January, compared to 10 February the previous year.
On the pricing front, average global rates, calculated on a mix of spot and contract prices, recorded a 5% increase compared to 2024, with an average value of $2.33 per kilogram in the tenth week. Global average spot prices also remained stable at $2.55 per kilogram, despite a 1% decline in shipments from the Asia-Pacific region. Compared to the same week last year, spot prices increased by 8%, with an 11% rise from the Asia-Pacific region.
From Asia-Pacific to the United States, average spot rates from China and Hong Kong remained stable at $3.78 per kilogram, with volumes gradually recovering to near-January levels. Regarding shipments to Europe, the tenth week saw a further 4% rebound, driven by significant increases from key markets in the region, including China (+5%), Hong Kong (+6%), Japan (+7%), Taiwan (+7%), Vietnam (+3%), Thailand (+9%), and Singapore (+9%).
A notable exception is South Korea, which experienced an 11% decline in volume during week 10, in line with reduced cargo flight capacity in the country. In terms of rates, average spot prices from Asia-Pacific to Europe fell by 3%, reaching $3.91 per kilogram, with sharper declines from China (-5%), Hong Kong (-2%), and Vietnam (-7%). However, on a year-on-year basis, average spot prices for Asia-Pacific to Europe shipments remain up by 20%, with significant increases from China (+14%), Hong Kong (+22%), Japan (+19%), and Thailand (+38%).
In the Middle East and South Asia, spot rates to Europe remained stable at $2.42 per kilogram, despite a 4% drop in demand compared to the previous week. In particular, cargo traffic from Dubai to Europe declined by 15% in the tenth week, following a previous 17% drop. This trend led to a 12% reduction in spot rates, with an average value of $1.88 per kilogram.
The air cargo market exhibits overall stability with slight increases compared to 2024, though significant regional fluctuations persist. Asia-Pacific remains the most dynamic region, with sustained volume recovery and rising prices on a year-on-year basis. Conversely, challenges in certain areas such as Dubai and South Korea highlight issues related to capacity availability and seasonal demand variations.
