A strong beginning to 2025, yet air cargo participants are still wary.

The global air cargo market experienced robust growth in 2024, with demand increasing by 11% year-on-year in December and average spot rates rising by 15%. Xeneta forecasts a more moderate demand growth of 4-6% for 2025, hindered by geopolitical tensions and a sluggish manufacturing outlook. Cargo capacity supply only grew by 2%, leading to a higher dynamic load factor of 62%. The reliance on e-commerce is expected to continue, with annual growth projected at 14% until 2026. However, uncertainties such as potential tariffs and global tensions could impact future demand and freight rates.