Global air cargo volumes fall 9% in week 22 even as rates climb

Global air cargo markets saw a sharp weekly contraction in Week 22, with volumes dropping 9% year on year for the period of May 25 to 31, as multiple public holidays disrupted international flows across key trade lanes. 
The decline was primarily due to Pentecost in Europe, US Memorial Day and the four-day Eid al-Adha holiday, which significantly impacted scheduling and uplift capacity, according to the latest WorldACD Market Data. Despite weaker demand, average air freight rates still rose 2% week on week, while global capacity slipped by 1%. 
The weekly drop in volumes mirrored the 8% decline recorded during the same period last year, highlighting the recurring seasonal sensitivity of global air cargo operations during major holiday periods. 
Sharp regional divergences in demand 
All regions recorded declines in chargeable weight, but the steepest contractions were seen in Africa (-20%) and the Middle East and South Asia (MESA) region (-21%). Asia Pacific and Central and South America (CSA) proved more resilient, each recording a 3% decline. 
The extended duration of Eid al-Adha had a particularly strong impact on MESA and African flows. Cargo from MESA to Europe fell 17% week on week, with Dubai and Bangladesh volumes down 25% and 45% respectively, while India declined 4%. 
Traffic from Europe to MESA fell by 22% and from Europe to Africa by 17%, in the opposite direction, indicating the widespread disruption across intercontinental routes. 
Capacity contraction led by MESA 
Global capacity declined by 1% week on week, with MESA accounting for most of the reduction as capacity from the region fell 6%. This marked the second weekly contraction in capacity since the outbreak of the conflict in the Middle East, with all other regions either stable or down marginally by 1%. 
From Asia Pacific, flows to Europe and the United States decreased by 2% and 1% respectively. However, selected export corridors still showed growth, particularly from China, Vietnam and Thailand to Europe, which rose between 1% and 4%. 
Shipments to the US from Hong Kong, South Korea, Thailand and Indonesia increased by 2% to 4%, while Chinese exports were flat and other origins recorded declines. 
May slowdown and year-to-date resilience 
The late-May contraction also weighed on monthly performance. After a strong April rebound (+5% year on year), growth slowed to +3% in May. 
Month-on-month, CSA declined 7% and Europe 1%, while other regions posted gains between 3% and 6%. On a yearly basis, Europe (-4%), MESA (-1%) and Africa (-4%) remained under pressure, while other regions showed growth. 
Despite volatility, global air cargo volumes are up 4% year to date compared with 2025, with Asia Pacific leading (+8%), followed by CSA (+5%), North America (+3%) and MESA (+2%). 
Rates continue to climb despite softer demand 
Even as traffic weakened, pricing momentum remained strong. The global average air freight rate increased 2% week on week to US$3.29 per kilogram. 
Gains from Africa (+9%), MESA (+4%) and Asia Pacific (+1%) offset small declines from Europe and the Americas. On a year-on-year basis, global rates remain 35% higher, with all regions posting double-digit increases. 
Africa (+50%) and MESA (+59%) led annual growth, followed by CSA (+11%). 
On key trade lanes, Asia Pacific to Europe and the US rose 1% week on week. Year on year, Europe-bound rates increased 39%, ranging from +25% out of Hong Kong to +79% out of Thailand, while US-bound rates rose 36%. 
From MESA, Europe-bound rates declined 3% week on week despite strength from Dubai (+11%), while US-bound rates fell 2%, driven by Dubai (-17%) and India (-2%). However, both lanes remain 58% higher year on year. 
Structural pricing strength persists 
For May overall, global rates were 1% higher than April, supported by increases from Asia Pacific (+4%) and Africa (+6%), offset by a 7% decline from MESA. 
Year on year, global pricing was up 36%, reflecting broad-based strength across all regions. 
Year to date, rates are 17% higher than in 2025, led by MESA (+28%), Europe (+22%), Africa (+20%) and Asia Pacific (+14%), while the Americas posted single-digit growth. 
Despite softer volumes, the data confirms a market where pricing power remains intact, even as demand continues to fluctuate under seasonal and geopolitical pressures.