Global air cargo volumes increased by 4% month-over-month in May.

In May, global air cargo tonnages saw a 4% month-on-month increase, recovering from a 7% decline in April due to U.S. tariff hikes and holidays. This growth coincided with the end of certain import tariff exemptions and a U.S.-China interim agreement that stimulated traffic from China and Hong Kong. Most major air cargo regions, except Central & South America, reported month-on-month gains. However, average rates decreased by 4% month-on-month and 3% year-on-year, marking the first full month of lower rates since April 2024, with MESA origins seeing the largest year-on-year drop.