Worldwide air cargo markets showed signs of stabilising in mid-May, with demand remaining resilient despite ongoing geopolitical uncertainty and continuing disruptions to capacity in the Middle East.
According to the latest weekly data from WorldACD, global air cargo volumes were broadly unchanged during week 21, covering the period from 18 to 24 May, following a recovery from the “Super Golden Week” holiday period across several East Asian markets earlier in the month.
Global chargeable weight was flat compared with the previous week and stood around 2% higher than the same period in 2025.
Asia-Pacific demand remains strong
Demand continued to be supported by extended supply chain lead times in both the United States and Europe, driven by shipping disruptions linked to regional conflicts and inventory stockpiling by manufacturers and retailers.
As a result, air freight demand from the Asia-Pacific region remained particularly robust, with cargo volumes rising 5% year-on-year.
The Middle East and South Asia (MESA) region also recorded modest growth, with chargeable weight increasing 2% week-on-week. However, volumes remained 1% below the levels recorded during the same week last year.
Air freight rates remain elevated
Air cargo pricing remained historically high despite stable market conditions.
Average global full-market rates were unchanged week-on-week at US$3.23 per kilogram, but were 35% higher than a year earlier.
The increase has been driven by restricted capacity, elevated jet fuel costs and greater reliance on dedicated freighter aircraft.
Spot market rates continued to rise, increasing 1% week-on-week to US$3.75 per kilogram.
The strongest weekly gains were recorded from Africa, where spot rates increased 4%, and Asia-Pacific, where rates rose 2% to US$5.16 per kilogram.
Globally, spot rates are now 50% higher than a year ago.
The MESA region recorded one of the sharpest annual increases, with spot rates climbing 59% year-on-year to US$4.26 per kilogram. Most major regions posted annual spot-rate growth of more than 40%, with the exception of Central and South America, where rates increased by 18%.
Capacity recovery continues, but Gulf market remains constrained
Global air cargo capacity increased by around 1% during week 21, supported by a 2% rise in passenger bellyhold capacity, while freighter capacity remained largely unchanged.
The Middle East and South Asia region recorded the largest weekly increase among major air cargo markets, with available capacity rising by 5%.
However, the sector continues to face significant challenges following the disruption caused by the conflict involving Iran.
Compared with pre-conflict levels recorded in week seven, total capacity to and from the MESA region remains down by 32%.
The Gulf market has been particularly affected, with available cargo capacity still 48% below pre-war levels.
The figures suggest that airlines in the region continue to face difficulties rebuilding networks and restoring capacity, despite efforts by international carriers to deploy additional freighter aircraft.
Annual growth slows after strong start to 2026
Compared with the same week last year, worldwide air cargo capacity was approximately 3% higher.
While positive, that growth rate represents a significant slowdown compared with the opening months of 2026, when global capacity expansion was running at more than double its current pace.
Industry analysts say the reduced growth reflects the continuing impact of capacity shortages in the Gulf region and wider uncertainty across international supply chains.
Despite these challenges, steady demand, particularly from Asia-Pacific exporters, and sustained strength in air freight pricing continue to provide support for the global cargo market.
