Air cargo rates continued to rise in the second week of November 2025, between 10 and 16 November, ahead of the peak linked to Black Friday and Thanksgiving. Weekly data published by WorldACD Market Data show further increases in spot prices on lanes connecting Asia Pacific, the United States and Europe, alongside rising intra-Asia traffic. According to the report, average spot rates out of Asia Pacific rose by 4 per cent week on week to USD 4.11 per kilogram, while volumes increased by 1 per cent, a pattern consistent with the mid-season commercial surge.
The Asia Pacific–United States axis remains the main driver of the upturn. Spot rates on this lane rose by another 4 per cent week on week, reaching USD 5.51 per kilogram. The report attributes the increase to the rebound in shipments from Japan following the national holiday in the previous week, with tonnage sharply recovering by 16 per cent and rates up by 10 per cent. Additional increases came from South Korea, up 13 per cent, and Vietnam, up 8 per cent.
On an annual basis, however, rates from Asia Pacific to the United States remain 11 per cent lower, weighed down by comparison with the final quarter of 2024, a period marked by exceptionally strong demand and constrained capacity, particularly out of China. The steepest declines concern Japan at minus 31 per cent, Singapore and Indonesia at minus 19 per cent, Vietnam at minus 17 per cent, South Korea at minus 10 per cent and Hong Kong at minus 8 per cent.
Air exports from Asia Pacific to the United States nevertheless remain above last year’s levels, despite the introduction in April of higher tariffs and new limits on the US de minimis regime for imports from the region. In the week under review, volumes out of China, down 2 per cent, Hong Kong, down 16 per cent, and South Korea, down 10 per cent, remain lower than in 2024, yet overall Asia Pacific flows show a 6 per cent annual increase.
Southeast Asia stands out within the region’s broader dynamics. WorldACD reports that demand from Southeast Asia to the United States rose by 40 per cent year on year in October, the highest monthly increase of 2025. In the first ten months of the year, shipments from the region to the US recorded an average rise of almost 26 per cent compared with the same period in 2024.
The trend varies sharply depending on the destination. In the first ten months of the year, tonnage from China and Hong Kong to the United States fell by almost 6 per cent, while flows to Europe increased by around 8 per cent, reflecting a partial reallocation of Chinese air exports away from the US market. Conversely, flows from Southeast Asia to Europe declined by nearly 6 per cent over the same period.
WorldACD links these developments to the efforts of US importers to diversify away from Chinese suppliers. Taiwan is also supported by strong demand for high-performance electronic components and semiconductors, including those used in artificial intelligence. US air imports from Taiwan grew steadily between 30 and 50 per cent throughout the year, with similar patterns from Vietnam, Thailand and Malaysia, where electronics account for a significant share of exports. During the week, tonnage to the United States from these four countries rose by 41 per cent, 60 per cent, 37 per cent and 62 per cent respectively on an annual basis.
