Air Freight Market Review

The global air freight market in February and early March reflected moderate year-on-year (YoY) growth, with total worldwide tonnages up 5% in February and 2% higher YoY in early March.

However, market dynamics remain volatile, influenced by shifting trade policies, geopolitical factors, and eCommerce trends.

Asia-Europe air cargo showed strong demand recovery in March, with tonnages rising 4% week-on-week (WoW) and while average spot rates softened they remain 20% higher YoY. Meanwhile, transatlantic routes saw weaker demand from Europe, with London Heathrow and Frankfurt spot rates declining amid softer outbound trade.

Market Situation
Global air cargo tonnages rose 5% YoY in February, supported by an 8% surge from Asia Pacific and a 4% rise in North America and Europe. However, Middle East & South Asia (MESA) volumes declined by 6%, reflecting last year’s Red Sea-driven demand spike.

By early March (Week 10), Asia-Europe trade saw significant WoW volume gains:

• China to Europe tonnages increased by 5%
• Hong Kong to Europe volumes grew by 6%
• Japan & Taiwan to Europe rose by 7%
• Thailand & Singapore to Europe surged by 9%

Despite these volume increases, average spot price indices on Asia-Europe lanes declined by 3%. However, YoY spot rates remain significantly higher (+20%), supported by China (+14%), Hong Kong (+22%), Japan (+19%), and Thailand (+38%).

Global air cargo markets remained relatively stable through February and early March, with weekly demand fluctuations balancing out across key regions.

• Asia-Europe: Despite a 4% WoW tonnage rebound in Week 10, rates dipped as supply-demand balances shifted.
• Transatlantic (Europe to USA): Weaker outbound demand put spot rates under pressure at London Heathrow and Frankfurt.
• Middle East to Europe: Demand weakened with Dubai-to-Europe tonnages falling 15% WoW.

Global air freight rates remained 6% higher YoY, though Asia-Europe pricing showed a mixed trend, with falls on all the major trade lanes, though rates remain significantly higher than last year.

• Asia-Europe remains 20% higher YoY.
• China to Europe still stands 14% higher YoY.
• Hong Kong to Europe are up 22% YoY.

The Asia-Europe air cargo market rebounded in early March, with tonnage gains but slightly softer rates as market conditions adjusted. Meanwhile, transatlantic routes saw demand weakness, leading to rate declines from major European hubs. Moving forward, trade policies, geopolitical shifts, and capacity adjustments will continue to influence global air cargo pricing and volumes.

In a volatile air cargo market, securing capacity and competitive rates is critical. Metro’s air freight, charter, and sea/air solutions ensure your shipments move efficiently, even on the busiest trade lanes. With block space agreements (BSA) and capacity purchase agreements (CPA) in place, we guarantee space and stable pricing when you need it most.

Whether you’re shipping urgent, high-value, or sensitive cargo, our global expertise and strategic carrier partnerships keep your supply chain running on time and within budget.

EMAIL Elliot Carlile, Operations Director, today to explore how Metro’s air freight solutions can optimise your logistics.