Global air cargo tonnages rebounded in September 2026, rising 3% month on month and 9% year on year, according to the latest figures from WorldACD Market Data. Growth was recorded across all major origin regions, led by Asia Pacific and North America, both up 10% year on year, followed by the Middle East & South Asia (MESA) at 9%, Europe and Africa at 8%, and Central & South America at 5%. The increase highlights the resilience of the air cargo market amid geopolitical uncertainty, economic changes and declining e-commerce shipments from parts of China to Europe, with demand from the high-tech sector providing an important source of support.
Average worldwide full-market air cargo rates increased 1% month on month in September and were 25% higher year on year. MESA recorded the largest annual increase at 52%, followed by Africa at 27%, Europe at 24%, Asia Pacific at 23% and North America at 18%, while Central & South America registered an 8% rise. Capacity remained broadly stable during the month. By week 40, global capacity had increased 4% year on year, comprising a 7% rise in freighter capacity and a 2% increase in passenger bellyhold capacity. However, compared with late February, capacity to and from MESA was down 10%, while capacity in the Gulf region declined 17%.
Weekly figures showed global tonnages falling 2% in week 40, marking a second consecutive weekly decline, largely due to public holidays in China and other parts of East Asia. Despite the reduction in volumes, worldwide spot and full-market rates each increased 1% week on week, reaching year-on-year growth of 32% and 26%, respectively, as the industry entered its traditionally busy fourth quarter.
The third quarter of 2026 recorded a 3% increase in global tonnages compared with the second quarter and 6% growth year on year, supported by stronger demand across all major origin regions. Average full-market rates declined 7% quarter on quarter from the elevated levels seen during Q2 but remained 24% higher year on year. For January to September 2026, global air cargo tonnages increased 5% year on year, while average full-market rates rose 22%.
Trade flows between China and Europe continued to reflect the impact of the European Union’s removal of de minimis exemptions for lower-value imports from 1 July. Combined tonnages from mainland China and Hong Kong to Europe declined 10% year on year in September, an improvement from the 14% drop in July and 15% fall in August. Shipments from Hong Kong fell 24%, while mainland China volumes declined just 2%, recovering close to June levels. In contrast, China–US tonnages increased 17% year on year in September. Average full-market rates from China to Europe recovered to US$4.53 per kilogram in September, compared with US$5.22 in June, while China–US spot rates reached US$6.05 per kilogram, up 30% year on year.
