In September, global air cargo demand growth slowed to 3% year-on-year, aligning with capacity growth, after a stronger 5% increase in the previous months. This decline was accompanied by a 4% drop in air cargo spot rates, marking five consecutive months of year-on-year declines. The demand shift from US to Europe due to tariff changes has impacted certain routes, while e-commerce volumes to Europe have surged. Although some stability is returning, fluctuations in demand persist across individual trade lanes. Overall, a modest growth of 3-4% in air cargo demand is expected for 2025, contrasting with last year’s stronger performance.

Source: https://www.stattimes.com/air-cargo/despite-slowing-trend-into-q4-2025-not-as-bad-as-feared-1356691