Air cargo tonnages up +6% in April on Asia Pacific push

 Preliminary air cargo figures for April indicate that worldwide tonnages for the month were up by six percent year on year (YoY), driven by a +10 percent YoY increase from Asia Pacific origins as U.S. importers adjust to big changes in China-US trade rules.

"Chargeable weight in April was up from all of the main world origin regions with the exception of Middle East & South Asia (MESA) where tonnages were flat," according to the latest figures from WorldACD market data.

"There were increases of seven percent from Central & South America (CSA), five percent from North America, three percent from Africa and two percent from Europe."

The YoY weight increase of six percent in April follows an increase of four percent in March, the update added. "This makes for a tonnage increase in the first four months of 2025 compared to +3 percent in the same period in 2024. Meanwhile, there were MoM declines from Europe (-10 percent), MESA (-12 percent), North America (-7 percent), and Asia Pacific (-5 percent)."

Overall worldwide rates in April of $2.43 per kilo, based upon a full-market average of spot rates and contract rates, were stable compared with the previous month and the previous year, the update added. "Significant YoY variations included a seven percent increase from Africa origins and a -14 percent drop from MESA from where rates last year were inflated because of the Red Sea shipping disruptions."

China to US volatility
Spot rates from Asia Pacific saw a further decline (two percent WoW) in week 17 to $3.67 per kilo, but they remained up three percent on week 17 last year, the update added.

"After seven weeks of consecutive WoW spot rate increases from China and Hong Kong to the U.S. that raised prices to $5.63 per kilo, spot rates have now fallen for two consecutive weeks to $4.18 per kilo in week 17 – indicative of a likely end to pre-loading on that lane. In contrast, Asia Pacific markets and spot rates to Europe have been stable at around $4 per kilo for the past two months, including for China to Europe."

Further instability ahead
The end of de minimis exemptions for U.S. imports from China and Hong Kong from May 2 is widely expected to lead to a significant drop in demand and capacity from China and Hong Kong to the U.S. with some freighters expected to be repositioned to other markets, leading to potential marked volatility in demand, capacity and pricing on several markets in the coming weeks, the update added.