Global air cargo tonnages surged 6% week over week (WoW) in mid-month, driven by a rebound in Asia-Pacific shipments following U.S. tariff policy reversals and the return of volumes after holidays in Japan and South Korea.
According to the latest weekly figures and analysis from WorldACD Market Data, global air cargo tonnage rose 6% week over week in week 20 (May 12-18), with Asia-Pacific origins driving much of the increase. Shipments from China and Hong Kong were up 8%, while Japan (+60%) and South Korea (+21%)rebounded following Golden Week (April 29-May 6) and Children’s Day (May 5), respectively.
Overall, cargo volumes from Asia-Pacific climbed 11% week over week, while the Middle East & South Asia (MESA) origins saw an 11% increase, and Europe recorded a 6% gain.
US-China tariff changes
The air cargo market data provider noted that the ending on May 2 of 'de minimis' import tariff and reporting exemptions for low-value goods from China and Hong Kong to the US, in addition to steep rises in US tariffs on all China-origin goods, led to a slump in traffic and dozens of weekly transpacific freighter services being cancelled or suspended in late April or shifted to other markets such as the transatlantic.
"Conversely, the subsequent recent de-escalation of the trade war between the US and China and the interim agreement on May 12 between the US and China – which included cancelling some tariffs altogether, suspending others for 90 days, and a partial softening of the de minimis changes – appears to have stimulated a strong rebound in traffic from China and Hong Kong to the US, which rose 19%, WoW, in week 20," WorldACD said.
It added that this followed two weeks of significant WoW declines and takes tonnages from China and Hong Kong to the US back up close to their level in early April – and in late February, prior to volumes surging in March ahead of higher tariffs from April.
[Source: WorldACD]
Meanwhile, spot rates on that market have stabilized in the last two weeks at around US$4 per kilo, after spiking in the second half of April, especially from Hong Kong.
In comparison, WorldACD said tonnages from China and Hong Kong to Europe have also strengthened in the last three weeks, including a 9% WoW increase from China in week 20 – taking combined volumes from China and Hong Kong to Europe back up close to their highest levels this year, and close to their peak-season levels in November and December.
On the pricing side, spot rates in week 20 from China to Europe edged down 5%, WoW, to US$3.71 per kilo, their fourth fall in five weeks, while Hong Kong to Europe spot rates recovered slightly (up 2%, WoW) to $4.39 per kilo – their second-lowest weekly average level this year, and well below their average of close to US$5 in 2025.
Decline in flower shipments
WorldACD said the worldwide increase in tonnage was partially offset by a 4% week-over-week (WoW) decline from Central and South America (CSA), driven by lower flower shipments following Mother’s Day (May 11) in the U.S. and other countries. Smaller declines were also recorded from North America (-2%) and Africa (-1%).
A two-week-on-two-week (2Wo2W) comparison for weeks 19 and 20 shows a 23% drop in CSA-origin cargo, though volumes remained 3% higher year over year (YoY). Most origin regions saw YoY growth, except for Middle East & South Asia (MESA) (-2%) and North America (0%).
On the pricing side, worldwide average rates of US$2.33 per kilo edged up 32% higher in week 20 compared with the previous week, thanks largely to a 2% WoW increase from Asia Pacific origins, although both were down by 4% compared with week 20 last year.
"Although prices are now slightly lower, YoY, from most origin regions, the biggest YoY change is for MESA origins, where spot rates and overall average rates are down by 23% and 15%, respectively, compared with their inflated levels this time last year," WorldACD said.
