In May, international trade remained steady, yet airfreight spot rates experienced their first decline in a year, dropping four percent year-on-year to $2.44 per kg. This decline was observed despite a six percent increase in global air cargo volumes and a reduction in U.S.-China tariffs. The softening of rates is attributed to declining sentiment in the market and uncertainties about future trade conditions. While airlines are increasing capacity, the overall trend suggests ongoing caution, with expectations of further rate declines as the market adjusts to shifting dynamics.

Source: https://www.stattimes.com/air-cargo/air-cargo-demand-up-6-in-may-sentiment-drives-decline-in-rates-1355514