Global air cargo volumes decline 3% as freight rates stabilise

Global air cargo volumes declined by 3% week on week (WoW) during the week of July 20 to 26, 2026, while capacity fell by 1%, according to the latest Weekly Air Cargo Trends report from WorldACD Market Data. Despite the fall in demand, air cargo pricing stabilised after four consecutive weeks of decline, supported partly by rising aviation fuel costs.

Worldwide chargeable weight declined across all major regions in week 30. Africa recorded the sharpest WoW decline at 7%, followed by Asia Pacific at 5%. Europe and the Middle East & South Asia (MESA) region each reported a 2% decline, while North America and Central & South America (CSA) registered 1% decreases.

Comparing the latest two weeks with the previous fortnight (2Wo2W), global chargeable weight was down 2%. Declines were recorded in every region except North America, which posted 2% growth. Africa recorded the biggest fall at 6%, followed by Asia Pacific at 3%.

The report said the overall decline may partly reflect a seasonal slowdown similar to that seen during the same period in the previous two years. Regional developments also affected cargo flows. Continuing hostilities in the Persian Gulf reduced cargo volumes from MESA, with shipments to Europe falling 2% WoW and to the United States declining 1%. While cargo from South Asia to the United States increased and volumes to Europe recorded single-digit declines, shipments from Dubai to both the United States and Europe dropped by 14%.

Africa's 7% WoW decline was seen across the continent. Lower cargo volumes to Europe accounted for around half of the decrease, mainly from North and East Africa, which were also affected by Red Sea shipping disruptions and recent flight disruptions involving Middle Eastern carriers.

Asia Pacific volumes declined both within the region and to most international markets over the two-week comparison period, except for North America. On a WoW basis, intra-Asia Pacific volumes fell by 7%, accounting for nearly 60% of the region's overall decline. Shipments to Europe dropped 4% and to MESA declined 6%. Cargo from Asia Pacific to the United States fell by 1%. Exports to Europe declined from all markets except South Korea, which grew by 3%, and Vietnam, which remained unchanged. Japan recorded the biggest export decline at 17%.

Cargo volumes from Hong Kong to Europe declined by another 1%, resulting in a 23% year-on-year (YoY) fall. The report said this was likely due to the impact of Typhoon Noul, which led to the cancellation of around 350 flights at Hong Kong International Airport on July 26. Volumes from mainland China also fell by 5% WoW, widening the YoY decline from 8% in week 29 to 10% in week 30, partly due to the end of the de minimis exemption for parcel shipments to the European Union.

Traffic linked to artificial intelligence supported higher cargo volumes from Singapore, South Korea, Taiwan and Vietnam to the United States. Other Asia Pacific origins recorded declines ranging from 2% in Hong Kong to 26% in Indonesia. On a YoY basis, cargo volumes increased in double digits from South Korea, Taiwan, China and Vietnam, while Indonesia, Thailand, Japan and Hong Kong recorded single-digit declines.

Global cargo capacity declined by 1% WoW, mainly due to lower capacity from China, down 3%, and North East Asia, down 2%. Capacity from Hong Kong fell 6% because of the typhoon. Capacity to and from the Gulf region declined by 7% following the latest escalation between the United States and Iran, with the capacity deficit compared with pre-war levels widening from 21% in week 29 to 27% in week 30.

After four weeks of falling rates, the global average air cargo rate increased slightly from $3.01 per kg in week 29 to $3.02 per kg in week 30. Week on week, rates rose by 5% from Africa and by 1% from both Asia Pacific and Europe. Rates declined by 4% from CSA, 2% from MESA and 1% from North America.

According to the report, the stabilisation in pricing was mainly driven by higher aviation fuel costs. After falling 20% during June, jet fuel prices began rising again in early July following renewed unrest in the Middle East. Four consecutive weeks of increases pushed the average jet fuel price to $160.06 per barrel on July 24, based on IATA's Jet Fuel Price Monitor using Platts data, leading to higher fuel surcharges.