National holidays in Japan and several European countries contributed to a sizeable mid-August dip in air cargo tonnages similar to one experienced in the equivalent period last year, according to the latest figures and analysis from WorldACD Market Data.
Air cargo tonnages in week 33 (11 to 17 August) dipped sharply, by -7% compared with the previous week, dropping especially steeply from Europe (-11%) and Asia Pacific (-8%) origins, although there were week-on-week (WoW) declines in chargeable weight from all the main world regions – including Middle East & South Asia (MESA, -4%), North America (-3%), and Africa (-3%).
Further analysis, based on the more than 500,000 weekly transactions covered by WorldACD’s data, reveals that tonnages from Japan to the US plummeted by -53%, WoW, in week 33 and by -44% to Europe, primarily due to temporary business closures resulting from Japan’s three-day Obon festival. Similarly, much of the -11% decline ex-Europe can most likely be explained by a fall in tonnages from countries where a 15 August holiday (‘The Assumption’) was widely celebrated.
Tonnages from Asia Pacific to the US dropped -9%, WoW, in week 33, with the much-reduced volumes from Japan responsible for around half of that decline. But there were falls also from most other major Asia Pacific air cargo origin markets to the US, as shippers continue to adjust and adapt to the evolving US import tariff environment. After two weeks of consecutive WoW declines of at least -10%, tonnages from South Korea to the US partially rebounded with a +6% WoW gain. But there were WoW falls from China (-6%) and Hong Kong (-3%), along with the third consecutive week of falling tonnages from Thailand (-12%) and Singapore (-19%). Meanwhile, a strike at Air Canada of nearly four days led to many of their flights being cancelled, contributing to downwards pressure on volumes to and from North America.
As with volumes from Japan to the US, the decline in tonnages from Japan were responsible for around half of an overall -4% WoW drop in chargeable weight from Asia Pacific to Europe in week 33. Tonnages from South Korea to Europe recorded their third consecutive WoW decline (-7%, WoW) to around -25% below their average weekly level in July.
On the pricing side, average worldwide spot rates in week 33 were flat, WoW, at US$2.64 per kilo – around -3% down compared with the equivalent period last year. Spot prices are slightly higher, year on year (YoY), from most regions, apart from Asia Pacific (-8%) and MESA (-25%).
Average spot rates from Asia Pacific to the US dropped back slightly (-3%, WoW) in week 33 to US$4.89 per kilo, although they have been relatively stable for the last three months despite the fast-changing tariff environment. And with US import tariff levels becoming clearer for some of the US’s key trading partners, albeit at a higher tariff level than at the start of this year, there are some anecdotal indications of air cargo charter capacity beginning to return on transpacific lanes to the US.
Meanwhile, average spot rates from Asia Pacific origins to Europe were stable at US$3.76 per kilo in week 33, despite a -10% drop from Japan origins and a -3% reduction from China. Those were balanced out by WoW increases from South Korea (+5%), Vietnam (+4%), and Malaysia (+9%).
Etihad Cargo adds belly-hold capacity
Etihad Cargo, the cargo and logistics arm of Etihad Airways, has announced an expanded winter schedule that will significantly increase belly-hold cargo capacity and enhance connectivity across its global network. The updated schedule introduces new routes to Hanoi, Hong Kong and Taipei, strengthening the carrier’s operations in Asia and providing greater access to some of the world’s fastest-growing cargo markets.
To meet strong demand, Etihad Cargo will benefit from increased frequencies to a number of existing destinations, including Lisbon, Manchester, Warsaw, Atlanta and Bangkok, further reinforcing Abu Dhabi’s role as a leading global logistics hub. Between November 2025 and March 2026, Etihad Airways will progressively launch services to 16 new destinations, including Addis Ababa, Algiers, Almaty, Baku, Bucharest, Chiang Mai, Kazan, Krabi, Medan, Medina, Phnom Penh, Tashkent, Tbilisi and Yerevan. By October 2025, Etihad Cargo will provide belly-hold capacity on over 880 passenger flights each week, rising to more than 1,000 flights weekly by March 2026, further strengthening global connectivity and customer choice.
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