Rates and demand continue on slight upward trend
Global air cargo rates and demand edged slightly further upwards in the second full week of March, with Middle East & South Asia (MESA) the only major origin region registering a drop in tonnages, according to the latest weekly figures from WorldACD Market Data.
Worldwide tonnages in week 11 (10 to 16 March) gained a further +1%, compared with the previous week, taking them +3% higher, year on year (YoY). The small global week-on-week (WoW) gain was driven by increases from Central & South America (+4%) and Asia Pacific (+3%), as Asia Pacific markets continue to bounce back from Lunar New Year (LNY). But there was a -4% WoW drop in flown tonnages from MESA origins, partly linked to business closures during the Hindu spring festival Holi in India (13-14 March). Averaged across the last two weeks, flown tonnages from MESA origins in weeks 10 and 11 were comparable with their levels in weeks with 8 and 9, combined, with a drop to Europe (-3%), but an increase to Asia Pacific (+9%).
Asia Pacific rebound
Using that two-week on two-week (2Wo2W) comparison method, tonnages from Asia Pacific have rebounded strongly in weeks 10 and 11 from their post-LNY lull to Europe (+13%) and to North America (+10%), based on the more than 500,000 weekly transactions covered by WorldACD’s data. On a WoW basis, tonnages from Asia Pacific to Europe gained a further +7% in week 11, their fifth successive WoW gain, taking volumes to their highest level this year and only around -10% below their levels in mid-December. There were significant WoW increases to Europe from most of the big Asia Pacific markets, including China (+7%), Hong Kong (+5%), Japan (+5%), South Korea (+18%), Taiwan (+13%) and Vietnam (+9%).
Tonnages from Asia Pacific to the USA in week 11 also recorded their fifth successive WoW gain (+5%), including increases from China (+6%), Hong Kong (+6%), Japan (+3%), South Korea (+13%), Taiwan (+2%) and Vietnam (+3%). The big WoW increases from South Korea to, respectively, Europe and the USA in week 11 reflect a recovery in tonnages following a steep drop the previous week to Europe (-11%) and to the USA (-13%), WoW.
Pricing developments
On the pricing side, average spot rates from Asia Pacific to Europe of US$3.92 per kilo were similar to the previous week, with no major WoW swings from any of the main Asia Pacific origin markets. China to Europe rates dropped a further -2% to $3.87 per kilo, their fifth WoW decline. However, compared with last year, spot rates from Asia Pacific to Europe were +16% higher in week 11, including YoY increases from China (+8%), Hong Kong (+16%) and Japan (+18%).
From Asia Pacific to the USA, average spot rates of $4.91 per kilo in week 11 were almost flat, WoW (-1%), and well above their equivalent level last year (+11%). However, there are some major WoW differences on an origin-country level, with spot rates from China and South Korea to the USA up strongly (+15%), WoW, whereas from Japan (-8%) and Vietnam (-11%) spot rates were significantly down.
Average worldwide rates of $2.37 per kilo, based on a mix of spot prices and contract rates, rose +3%, WoW, in week 11, taking them +2% above their equivalent level this time last year.
Source: https://www.worldacd.com/trend-reports/weekly/worldacd-weekly-air-cargo-trends-2025-week-11/
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