Global airfreight rates held firm during the second full week of July, despite a second consecutive week of declining worldwide flown tonnages—driven largely by weakening volumes from Asia Pacific origins to the United States. The latest data, published by WorldACD Market Data, reflects continued market fragility tempered by pockets of post-holiday recovery.
Market Snapshot: Week 28 (7–13 July 2025)
According to WorldACD, the global average air cargo spot rate edged up by +1% week-on-week (WoW) in Week 28, reaching USD $2.65 per kilogram. This modest rise was primarily attributed to a +6% rebound in both pricing and tonnage from North America origins, following the U.S. Independence Day holiday on 4 July. The prior week had seen an -11% drop in U.S. outbound volumes, a seasonal dip that remains only partially recovered.
Comparing to the same period in 2024, spot rates and demand patterns are largely consistent. For example, the full-market average rate—a combination of contract and spot pricing—stood at $2.46/kg in Week 28 last year. However, the U.S. dollar has depreciated ~6% YoY against major global currencies like the euro, meaning that when converted into euros, global rates are approximately -6% lower YoY.
The most notable development was a further -5% WoW decrease in tonnages from Asia Pacific to the U.S., marking the second straight week of decline. This continued softening was largely driven by Southeast Asian markets, with significant week-on-week drops including:
With the exception of Thailand (which had posted a +2% increase in Week 27), all other countries had already shown signs of contraction in the previous week.
Some moderate recovery was observed from other Asian origins:
Conversely, Taiwan and mainland China experienced further softening, each declining -3% WoW.
On the pricing side, Asia Pacific to U.S. spot rates fell -2% WoW, impacted heavily by:
Airfreight volumes from Asia Pacific to Europe remained largely stable in Week 28, increasing +1% WoW. Specific market movements included:
South Korea: +7%
Malaysia: +5%
Taiwan: -3% (continuing a multi-week decline)
These figures suggest resilient European demand amid supply adjustments and moderate capacity shifts.
The MESA region saw a notable deterioration in performance during Week 28, influenced by a confluence of geopolitical, regulatory, and post-holiday factors. Total flown tonnage from MESA origins dropped -3% WoW, accompanied by:
Although volume levels are relatively consistent with July 2024, both average rates and spot pricing are significantly lower, down -12% and -18% YoY, respectively—reflecting normalization after the post-pandemic inflation peak.
Specific developments include:
Bangladesh: Tonnage declined -4% WoW, due in part to operational challenges from a newly implemented customs system. Exports fell:
India: -6% WoW across global routes
Sri Lanka: -5% WoW, reflecting regional logistical and capacity constraints
While global average air cargo rates remain largely unchanged YoY, the underlying dynamics suggest emerging vulnerabilities. Seasonal softness, holiday disruptions, and realignment of freighter capacity are contributing to volume volatility, particularly on Asia–U.S. routes.
Looking ahead:
Although the market remains in a holding pattern, latent risks and potential capacity constraints could shift dynamics quickly as Q3 progresses toward peak season.
Source: https://aircargoweek.com/air-cargo-rates-hold-steady-as-asia-us-volumes-decline/
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