Air cargo demand up 3% in Q12025 ahead of new US tariffs

Worldwide air cargo tonnages increased three percent year on year in the first three months of 2025 with average global rates rising four percent YoY, according to preliminary figures from WorldACD Market Data.

"This low single-digit growth in Q12025 is very different from the levels seen last year when growth averaged +11 percent YoY with Q4 growth at eight percent. It reflects an uncertain market bracing for a disruptive new wave of U.S. tariffs, and the removal of U.S. de minimis exemptions for shipments from China and Hong Kong, and challenges to some of the supply chain models of the last two decades."

MoM tonnages growth at 19%
On a full-month basis, worldwide tonnages increased by +19 percent month on month (MoM) in March from their depleted level in February resulting from the usual seasonal factory closures in the weeks following Lunar New Year, the update added.

"Based on the more than two million monthly transactions covered by WorldACD’s data, worldwide tonnages in March were up five percent YoY with increases from Asia Pacific (nine percent) and North America (six percent), offset by reductions in tonnages from Middle East & South Asia (MESA, down six percent). Average worldwide rates in March of $2.38 per kilo were four percent higher than the previous month, and up by two percent YoY."

On a weekly basis, spot prices from Asia Pacific origins rose by three percent WoW to an average of $3.80 per kilo in week 13 (March 24-30) despite a three percent drop in tonnages, the update added.