Worldwide air cargo tonnages grew by +3%, year on year (YoY), in the first three months of 2025, with average global rates rising +4%, YoY, according to preliminary first-quarter (Q1) figures from WorldACD Market Data. This low single-digit growth in Q1 2025 is very different from the levels seen last year – when growth averaged +11%, YoY, with Q4 still at +8%. It reflects an uncertain market bracing for a disruptive new wave of US tariffs, and the removal of US de minimis exemptions for shipments from China and Hong Kong – and challenges to some of the supply chain models of the last two decades.
