Global air cargo tonnages rose 5% in August compared with the same month last year, according to data from WorldACD Market Data. The increase aligns with the 5% year-on-year growth recorded in July and for the first eight months of 2026, though regional growth rates vary from 8% for Asia Pacific origins to stable tonnages from Africa.

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Volumes from Hong Kong to Europe fell 30% year-on-year in August and were 24% below their June level, reflecting a recalibration by e-commerce stakeholders following the European Union’s July 1 end of de minimis exemptions on imports valued under EUR150. On a weekly basis, Hong Kong to Europe volumes in week 35 (August 24-30) regained 3% compared with the previous week and 6% above the low recorded in week 33. Tonnages from mainland China to Europe, less dependent on e-commerce, rebounded slightly week-on-week for four consecutive weeks after dropping about 15% in response to the July 1 changes. China to Europe tonnages in week 35 were down 6% year-on-year, and for August as a whole they were down 5% year-on-year, compared with an 8% decline in July. Combined China and Hong Kong to Europe tonnages were down 14% year-on-year in both July and August, after being flat in June.

In contrast, combined China and Hong Kong to US volumes in August were broadly similar to their May, June, and July levels, and up 13% compared with August last year, with China-US traffic up 15% and Hong Kong-US volumes up 9% year-on-year. However, the year-on-year growth rate for this lane slipped from 19% in May and 20% in June to 13% in August and 14% in July.

On pricing, average spot rates for China and Hong Kong to Europe fell from about $5.22 per kilo in May and June to $4.34 per kilo in August, a drop of about 17%. Year-on-year, the excess narrowed from 32% in May and 30% in June to 12% in July and 11% in August. For China and Hong Kong to the US, average spot rates fell from $6.59 per kilo in June to $5.89 per kilo in August, down about 11%, with the year-on-year excess narrowing from 50% in May and June to 26% in August.

Worldwide average rates in August were 22% higher year-on-year, compared with 24% in July, 33% in June, and 37% in May. Average worldwide spot rates in August were $3.36 per kilo, up 28% year-on-year, though slightly down 1% from July and about 9% below the average level across April, May, and June. The biggest percentage drop was from Middle East & South Asia origins, where average spot rates fell from $4.75 per kilo in April to $3.92 per kilo in August, a decline of about 17%. From Asia Pacific origins, average spot rates dropped from $5.03 per kilo in April to $4.52 per kilo in August, down about 10%.

Total worldwide air cargo capacity rose 1% in the final two weeks of August compared with the previous two weeks, with the biggest increase a 2% rise from Asia Pacific origins. Year-on-year, worldwide capacity was up 2%. Despite disruptions from the conflict between the US and Iran, capacity from Middle East & South Asia origins in the last two weeks of August was up 2% year-on-year, with capacity stable in week 35 on a week-on-week and year-on-year basis. However, compared with week 7, prior to the attack on Iran by the US and Israel, capacity from Middle East & South Asia origins in week 35 was still down almost 9%, with capacity from the Gulf area down 16%, while capacity from surrounding subregions rose: South Asia up 1%, Central Asia up 2%, and the Levant & Caucasus up 8%.

Source: IndexBox Market Intelligence Platform