Global air cargo volumes rise 9% in September: WorldACD

Worldwide air cargo volumes increased 9% year on year (YoY) in September 2026, rebounding from a slowdown in August, according to the latest figures from WorldACD Market Data. Tonnages rose 3% month on month, reflecting stronger demand across the major air cargo origin regions.

Asia Pacific and North America recorded the highest annual growth, with volumes from both regions increasing 10% YoY. Middle East and South Asia (MESA) registered 9% growth, while Europe and Africa each reported an 8% increase. Central and South America recorded 5% YoY growth.

The September performance follows a 4% year-on-year increase in the same month last year, indicating continued resilience in the global air cargo market despite changing trade patterns and geopolitical and economic uncertainties.

The growth also comes amid a decline in e-commerce volumes to Europe since July, particularly shipments originating in Hong Kong and southern China, following the removal of the European Union’s de minimis exemptions for lower-value imports.

According to WorldACD, strong demand from the high-tech sector has supported market performance, highlighting air cargo’s role in transporting high-value and time-sensitive goods. The sector also remains important in helping businesses navigate supply chain disruptions and imbalances.

WorldACD’s latest report covers the five weeks up to October 4, 2026, providing an overview of recent developments in the global air cargo market.

Rates rise globally
After declining in June and July, global average air cargo rates stabilised in August before edging up 1% month on month in September. Rates from Africa rose 4%, while those from Asia Pacific and Europe increased 2% each. Middle East and South Asia (MESA) rates remained unchanged, while North American rates fell 3%.

On a year-on-year (YoY) basis, average worldwide rates were 25% higher in September, broadly in line with the increases of 24% recorded in both July and August. Ongoing market and capacity disruptions, alongside elevated fuel prices linked to the US-Iran conflict, continued to put upward pressure on rates.

MESA recorded the steepest annual increase, with rates rising 52% YoY, followed by Africa at 27%, Europe at 24%, Asia Pacific at 23%, and North America at 18%. Rates from Central and South America (CSA) saw a more modest increase of 8% over the same period.

Capacity relatively stable in September
Global air cargo capacity remained broadly stable in September, despite fluctuations linked to holiday periods and renewed volatility in the Middle East following the US-Iran conflict. In week 40, covering September 28 to October 4, worldwide capacity was up 4% year on year (YoY), supported by a 7% increase in freighter capacity and a 2% rise in passenger bellyhold capacity.

Compared with late February, before the conflict began, global capacity was 2% higher. However, capacity to and from the Middle East and South Asia (MESA) was down 10%, while capacity to and from the Gulf region declined 17%. Capacity from South Asia was almost unchanged, recording a 1% decrease.

Worldwide air cargo tonnages fell 2% week-on-week (WoW) in week 40, marking the second consecutive weekly decline. The drop was primarily driven by a 2% reduction in volumes from Asia Pacific, largely due to the start of public holidays in China and other parts of East Asia in the first week of October.

Despite the decline in tonnages, average global spot and full-market rates increased by 1% WoW for the second consecutive week. This pattern is common towards the end of the third quarter (Q3) and the beginning of the traditionally busy fourth quarter. Consequently, spot rates were 32% higher YoY, while average full-market rates increased by 26%.

Third-quarter tonnages rise as rates ease
Global air cargo tonnages increased 3% in Q3 compared with the previous quarter and were up 6% YoY, with growth recorded across all major origin regions.

Average worldwide rates, however, declined 7% from the elevated levels recorded in Q2, when the market was severely disrupted by the effects of the US-Iran conflict. Despite the quarterly decline, average full-market rates in Q3 remained 24% higher YoY.

For the first nine months of 2026, global air cargo tonnages rose 5% YoY, while average full-market rates increased 22% over the same period.

China-to-Europe markets slightly rebound
Air cargo flows from China to Europe shifted significantly in the third quarter (Q3), following the European Union’s removal of de minimis exemptions for lower-value imports from July 1. The change particularly affected e-commerce shipments originating in Hong Kong and southern China, leading to a decline in both tonnages and rates.

Combined air cargo tonnages from mainland China and Hong Kong to Europe fell 10% year on year (YoY) in September, an improvement on the declines of 14% in July and 15% in August. Shipments from Hong Kong dropped 24% in September, while volumes from mainland China declined by just 2%. The latter marked an improvement from decreases of 5% in August and 9% in July, with mainland China-Europe tonnages recovering close to June levels.

Meanwhile, air cargo volumes from China to the US continued to grow, increasing 17% YoY in September. The gap between average full-market rates on the China-Europe and China-US routes also widened after July 1. China-Europe rates fell from $5.22 per kg in June to $4.26 per kg in August before recovering to $4.53 per kg in September. The September rate was 9% higher YoY, compared with a 30% annual increase in June.

In contrast, average spot rates from China to the US reached $6.05 per kg in September, up 30% from the same month last year.