Global air cargo rates have experienced a continued upward trend in the third full week of March, regaining +4% and returning to levels seen in mid-January and last summer. According to WorldACD Market Data, the global average spot rate rose by +5%, reaching US$2.69 per kilogram during the week of March 17-23, 2025. Contract rates also increased by +3%, reaching $2.40 per kilogram, pushing the full market average to $2.45 per kilogram, which is +3% higher compared to the same week last year.

Key regions saw significant increases in their air cargo rates. Central & South America (CSA) reported a remarkable +13% rise in spot rates, while Asia Pacific saw a +5% increase, with rates rising to $3.71 per kilogram. Middle East & South Asia (MESA) recorded a +3% rise in spot rates to $2.81 per kilogram, although rates were still -17% lower than last year, when they were spiked due to disruptions in container shipping in the Red Sea.

The China to USA air cargo market saw notable improvements, with tonnages from Asia Pacific markets to the USA increasing by +3%. Spot prices from Asia Pacific to the USA rose by +5% to $5.16 per kilogram, with China to USA rates jumping by +12%, reaching $4.53 per kilogram. This marks the second-highest level for this route in 2025, following an earlier peak in January.

Tonnages from Asia Pacific to Europe also increased by +2%, albeit at a slower pace compared to previous weeks. Rates from China, South Korea, and Taiwan saw increases of +6%, contributing to a +2% rise in spot rates to Europe. In contrast, Japan experienced a slight decline in tonnages, dropping -8% week-over-week.

Meanwhile, MESA to Europe markets have largely stabilized after a period of volatility. Spot rates from MESA to Europe increased by +2% overall, driven by higher rates from Dubai (+6%) and India (+4%), although rates from Colombo fell by -3%. Year-over-year, MESA to Europe rates were down by -23%, primarily due to decreases from India (-32%) and Bangladesh (-34%).

In Bangladesh, spot rates of $2.86 per kilogram have remained stable for the past five weeks, reflecting a more typical market condition after disruptions in 2024 caused by political instability and capacity issues in air cargo and sea freight.

These positive trends indicate a steady recovery and normalization of the air cargo market, with key regions showing sustained growth after the Lunar New Year period. The air cargo industry is continuing to adapt to shifting demand and market dynamics, ensuring more stable rates and reliable services moving forward.