At the height of summer 2025, the global air cargo sector is showing overall resilience, although diverging trends persist across regions. According to data released on 18 July by WorldACD Market Data, covering the 28th week of the year (7 to 13 July), global spot rates have risen slightly by 1% compared to the previous week, reaching an average of USD 2.65 per kilo. This modest increase has been largely driven by a rebound in both volumes and rates out of North America following the 4 July holiday, with both metrics up by 6% week-on-week.
Nevertheless, this partial recovery has not been sufficient to offset the second consecutive weekly decline in worldwide freight volumes, most notably on the Asia Pacific–US lane. Here, the tonnage shipped fell by another 5% from the previous week, which had already seen a 2% drop. The downward trend is particularly pronounced in Southeast Asia, with significant decreases recorded in Indonesia (down 23%), Thailand (down 21%), Vietnam (down 14%) and Singapore (down 10%).
In contrast, a few markets experienced a slight rebound: Japan posted a 6% increase in volumes to the United States, Hong Kong 3%, and South Korea 1%. Meanwhile, Taiwan and China both saw a decline of 3%. Spot rates from Asia Pacific to the US dropped overall by 2%, with a sharp fall from Japan (down 20%) and more moderate reductions from Thailand, Malaysia and Singapore.
Traffic between Asia Pacific and Europe has remained more stable, with a modest volume increase of 1%. This growth was led by South Korea (up 7%) and Malaysia (up 5%), while Taiwan continued its downward trajectory, declining by 3%, in line with the negative trend observed over the previous two weeks.
At the same time, markets in the Middle East and South Asia (MESA) have deteriorated, amid ongoing geopolitical and logistical challenges. Regional tensions, the resurgence of Houthi attacks in the Red Sea, and operational difficulties in parts of the Indian subcontinent have contributed to a 3% drop in loaded volumes and weekly declines in both average and spot rates, down 3% and 4% respectively. Traffic levels are comparable to those of July 2024, but rates have declined sharply year-on-year: average rates are down 12%, while spot rates have fallen by 18%.
Bangladesh is also facing a delicate situation, with the introduction of a new customs system slowing operations. Volumes there have decreased by 4%, including an 8% drop towards Europe and a steep 22% decline to Asia Pacific markets. In contrast, shipments to the United States have continued to grow (up 4%), possibly due to the announcement of upcoming 35% tariffs from 1 August, following earlier drops linked to Eid celebrations and US Independence Day. Finally, outbound flows from India (down 6%) and Sri Lanka (down 5%) to major global markets have worsened.
