According to the weekly report issued on 6 December 2025 by WorldACD on air cargo performance in November 2025, global tonnages rose by 5% year on year, extending the pace of growth seen in the previous two months. The figures confirm steady momentum in the fourth quarter, driven mainly by shipments originating in the Middle East and South Asia, Asia Pacific, and Central and South America. In absolute terms, the main contribution continues to come from Asia Pacific, which further consolidates its central role in global dynamics.
Month-on-month data show a 3% rise in average weekly volumes compared with October 2025. Asia Pacific and Central and South America posted growth of 5% and 6% respectively, while the Middle East and South Asia gained 3% and Africa 2%. The most moderate declines were recorded in North America, down 2%, and Europe, down 1%. Across the Asian markets, WorldACD highlights a mixed picture shaped by contrasting trends towards the United States and Europe. In November 2025, shipments from Asia Pacific to the United States increased by 6% year on year, supported by flows from Southeast Asia.
Routes from China and Hong Kong, Japan and South Korea, however, recorded declines. Combined shipments from China and Hong Kong to the United States fell by 8% year on year, with China down 5% and Hong Kong down 14%. By contrast, Southeast Asia reported a 42% surge in traffic to the United States, reflecting US importers’ shift in sourcing towards alternative production hubs in Asia in response to higher tariffs and the removal of de minimis exemptions for small parcels.
The picture changes when looking at routes to Europe. Combined shipments from China and Hong Kong to the continent increased by 8% in November 2025, in stark contrast with the contraction towards the United States. China posted growth of more than 5% to Europe, while recording a 5% decline to the US market. Hong Kong grew by 14% towards Europe and fell by the same margin, 14%, towards the United States. According to WorldACD, these divergences indicate a shift of capacity and volumes from transpacific lanes to euro-Asian connections, also seen in data for the first eleven months of 2025: combined shipments from China and Hong Kong to the United States fell by 7%, while traffic to Europe increased by 8%. Southeast Asia maintained the opposite trend: in the first eleven months of 2025, shipments to the United States grew by 27% while those to Europe declined by 5%, confirming the differing trajectories of the two destination markets.
On the pricing front, average global rates for November 2025 stood at 2.65 dollars per kilo, up 7% compared with October 2025, a sharper rise than the 5% recorded in the same month of 2024. The largest monthly increases were in Central and South America, up 9%, and Asia Pacific, up 8%. Similar dynamics were visible in spot rates, which reached 2.87 dollars per kilo, rising 7% month on month, driven by double-digit gains in Central and South America and 9% increases from Asia Pacific and Europe. Year on year, however, spot rates remain 5% lower, with decreases across all regions except Africa, which posted a 6% increase. The steepest decline occurred in the Middle East and South Asia, where rates were 26% below November 2024. Over the first eleven months of 2025, average global rates stood at 2.45 dollars per kilo, broadly in line with the 2.46 dollars recorded in the same period of 2024.
The analysis for week 48, from 24 to 30 November 2025, confirms the impact of the US holiday period on flows. During that week, global volumes fell by 3% compared with the previous week, mainly due to Thanksgiving, which caused a 15% reduction in shipments departing from North America. Excluding this component, the global decline narrows to 1%, with small contractions from the Middle East and South Asia, Central and South America, and Europe, while Asia Pacific remained stable.
Global average rates for the week rose by 1% compared with the previous period. Spot rates increased by 3%, reaching 2.96 dollars per kilo, supported by gains from the Middle East and South Asia and 2% increases from Asia Pacific, Europe, and Central and South America. Reductions from the United States and Africa, down 11% and 4% respectively, kept spot prices 6% below the same week in 2024.
