Worldwide total air cargo revenues (in USD) increased by +3% in 2025 to their highest level since the exceptional Covid pandemic years of 2021 and 2022, thanks largely to a further significant year-on-year rise in chargeable weight to a new record full-year level, according to the latest figures and analysis from WorldACD Market Data.
December closed with a +7% year-on-year (YoY) increase in chargeable weight across the month, pushing up global fourth-quarter (Q4) YoY growth to +6% – slightly higher than the YoY tonnage growth of Q3 (+5%) and outperforming the first half of the year (+3%). That meant full-year total chargeable weight for 2025 was +4% higher than the record tonnage levels in 2024, a year that had also achieved record growth of +11%.
Based on the more than 2 million monthly transactions covered by WorldACD’s data, worldwide air cargo average rates (in USD) in 2025 dropped slightly (-1%) from their historically relatively high levels in 2024, leading to a total revenue increase (or cost increase, depending on your perspective) of +3% in 2025.
Strong December growth
That global +7% YoY tonnage increase in December was the highest full-month YoY growth of 2025, a fitting climax to what was another extraordinary and turbulent year. As for much of the year, the growth was driven by further strong increases in traffic from Asia Pacific origins: +11% in December, and +8% for the full year.
Given the extraordinary and fast-changing trade and tariff landscape last year facing international exporters and their logistics partners, it was another remarkable example of the agility and versatility of those companies, and the role that air cargo plays in supporting trade in volatile conditions. Those Asia Pacific growth figures include some significant shifts in trade flows, most notably towards big increases in Southeast Asia to US air cargo flows while China to US traffic has fallen or stagnated, alongside a big increase in volumes from China to Europe and several other markets.
Prices stable but slightly lower, year on year
On the pricing side, average worldwide full-market rates (a mix of spot and contract rates) in December of US$2.65 per kilo were the same as the previous month, but they were -2% below their relatively high levels in the final month of 2024, meaning total air cargo industry revenues in December were +4% higher, YoY.
Average spot rates in December of $2.88 per kilo were relatively stable on a month-on-month (MoM) basis, after rising +7% MoM in November due to seasonal pre-holiday re-stocking of consumer goods, and also perishables from Central & South America (CSA). But those average spot rates were -6% below their equivalent level in December 2024, including significant YoY decreases from Middle East & South Asia (MESA, -20%), Europe (-10%), North America (-9%), and CSA (-9%) origins. But spot rates from Asia Pacific origins held up better compared with last year (-4%, YoY), thanks to continuing strong demand and relatively constrained capacity.
Similar patterns to a year ago
For the two weeks from 22 December 2025 until 4 January 2026, capacity dropped by -9% compared with the previous two-week period (a two-week-on-two-week comparison, or 2Wo2W), while chargeable weight dropped by -30% and average rates slipped by -5%, 2Wo2W.
These patterns were very similar to the same period a year ago, as carriers cut back capacity to reflect falling end-of-year demand, with the only noteworthy difference being that rates in the equivalent period last year were more stable (-1%, 2Wo2W). That may reflect a number of factors, including continuing strong e-commerce demand from China a year ago as 2024 came to an end, compared with an apparently softening Chinese e-commerce market at the end of 2025, and an earlier Lunar New Year in early 2025 – which fell last year on 29 January, compared with 17 February in 2026.
Source: WorlđACD
Chairman Ahmet Bolat said the investments were intended to ensure that Turkish Airlines’ fleet growth is matched by sufficient infrastructure and skilled personnel. He added...
Customs authorities are on the front line. Customs handle the huge and ever-increasing number of goods bought online and imported directly to consumers into the EU.
This year marks a turning point for the EU Emissions Trading System. After a two-year phase-in, maritime transport will face full compliance under the EU ETS, alongside an...
The US Supreme Court has postponed a decision on President Donald Trump's global tariffs. This case examines presidential authority and has economic implications worldwide....
Sustained demand for high-tech, e-commerce and fashion cargo drives Asia-Europe growth, though geopolitical factors require network adaptation
Seasonality is back: air freight rates declined sharply in the first week of January, according to the latest data from TAC Index; and the global Baltic Air Freight Index...
Air freight is set to remain a key driver of cargo movement across the Asia-Pacific region in 2026
Manufacturing PMI edged down to 50.5 in November, with slower output/new orders and employment slipping back into contraction.
Time-sensitive cargo, technology and infrastructure helped India’s air networks absorb global trade shocks.
ALS