Global air cargo markets lost momentum at the beginning of May, with Asia Pacific and Europe recording some of the steepest declines in freight activity as seasonal shipping demand eased and public holidays disrupted commercial operations across multiple regions.
According to the latest figures from WorldACD Market Data, worldwide air cargo tonnage fell 7% in the week from April 27 to May 3 compared with the previous week. The slowdown followed several weeks of stronger cargo growth linked to seasonal exports and recovering trade demand.
The decline was driven largely by the end of the Mother’s Day flower shipping peak, alongside reduced business activity during Labour Day holidays and Japan’s Golden Week.
The latest market data showed that most global regions experienced weaker freight volumes during the week, with Asia Pacific, Europe, and Central and South America reporting the largest contractions.
Key market movements included:
In Asia, overlapping holiday schedules disrupted manufacturing and export activity, reducing shipping demand across several trade lanes.
According to freight forwarders cited in the report, some Asian exporters have also started shifting cargo to combined sea-air routes through the US west coast as elevated air freight prices reduce the economic viability of direct air transport.
Despite weaker cargo demand and increased available capacity, freight pricing remained elevated.
According to WorldACD Market Data:
The data suggests airlines continue to face cost pressures linked to fuel prices and operational disruption, even as cargo demand moderates.
The Middle East and South Asia (MESA) region was the only major cargo market to post weekly growth during the reporting period.
WorldACD figures showed:
The recovery has been supported by Gulf carriers restoring operations disrupted earlier in the year and by additional cargo capacity entering the market.
The report noted that capacity growth in the region was aided by:
However, exports from major hubs including Dubai weakened on selected routes to Europe and the United States.
The cargo sector continues to face mounting pressure from sharply higher aviation fuel costs and geopolitical instability.
According to the report, aviation fuel prices have nearly doubled since late February, forcing airlines to reassess cargo economics and reduce less profitable freighter operations.
Cargo capacity globally remained broadly flat week-on-week as airlines adjusted schedules in response to softer demand and rising operating costs.
Industry analysts also warned that renewed hostilities in the Gulf region on May 4 introduced additional uncertainty into global cargo flows.
Reported operational disruptions included:
Freight forwarders cited delays across several international routes as logistics operators continued adapting to changing airspace restrictions and volatile oil markets.
Although preliminary April figures indicated that the global air freight market remained stronger than in March, the early May slowdown signals growing pressure on international cargo operators.
Worldwide cargo tonnage increased 5% year-on-year in April, reversing the 4% decline recorded in March, according to WorldACD data. However, analysts cautioned that geopolitical instability, high fuel prices and changing trade patterns could continue to weigh on market performance during the coming months.
With airlines balancing profitability, capacity deployment and fuel exposure, the global air cargo sector is expected to remain highly sensitive to both economic and geopolitical developments through the remainder of 2026.
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