China-HK/Europe tonnages up in June, rates steady
For the first six months of 2025, chargeable weight was up 3% and average rate was up 2% YoY on a global basis.
Tonnages flown from China and Hong Kong to Europe have continued to rise in June reaching their highest levels this year and taking them +15 percent higher than their level in June 2024.
"Average rates from China and Hong Kong to Europe were stable at $3.97 per kilo, similar to their level the previous month and their average level so far this year, but down three percent YoY," according to the latest update from World ACD Market Data.
On a global basis, worldwide flown air cargo tonnages in June were two percent higher than in June last year, although they fell by four percent compared with the previous month, the update added. "Preliminary figures for the second quarter of 2025 indicate that worldwide flown chargeable weight in the three months to June 30 was up by four percent on both a YoY and QoQ basis. To put this into perspective, in 2023 and 2024, the chargeable weight in the second quarter was three percent higher than the first quarter. Average rates in Q22025 rose by one percent QoQ although they dropped by one percent YoY."
For the first six months of 2025, both rates and tonnages increased YoY with chargeable weight up by three percent and average freight rate by two percent.
Global rates inch up in June
Average worldwide air cargo rates rose by two percent in June, month on month MoM, taking them one percent below their level in June 2024, based on a full market average of spot rates and contract rates. Air cargo rates to the U.S. from Asia Pacific countries other than China rose significantly in June, according to preliminary June figures as markets continue to adjust to volatile U.S. trade and tariff policies, the update added.
"Average full-market rates from Asia Pacific countries, excluding China and Hong Kong, to the U.S. rebounded to $5.19 per kilo in June, an increase of around +10 percent compared with the previous month and their level in June 2024. In contrast, tonnages from China and Hong Kong to the U.S. in June were down by around -15 percent compared with their level in March, prior to the introduction of higher U.S. tariffs and around -11 percent below their level in June 2024."
Average rates from China and Hong Kong to the U.S. dropped to around $4.29 per kilo in June compared with $4.73 at the start of the year and $5.10 per kilo in June 2024, a fall of -16 percent YoY, based on the more than 500,000 weekly transactions covered by WorldACD’s data.
Disparity between contract and spot rates
A surge in the market share of spot rates for the Asia Pacific to the U.S. market reflects an increasing disparity between the level of contract rates and spot rates as carriers have struggled to accurately match capacity with demand in what has been a highly volatile market because of the rapidly changing tariff landscape and the end of ‘de minimis’ exemptions for U.S. imports of goods from China and Hong Kong. Whereas spot rates and contract rates had been more or less aligned at the start of the year, by June average contract rates of $5.28 per kilo stood around +13 percent higher than average spot rates of $4.66 per kilo, the update added.
