Air Freight Market Update
May 2026
What’s shaping Air Freight in 2026? Explore how various dynamics are impacting global Air Cargo.
Global Air Cargo Update
Demand
- Global air cargo volumes increased 5% year on year in April 2026 and remained up 4% year to date.
- Asia continues to drive global demand growth while Europe and North America remain broadly stable.
Capacity
- Global air cargo capacity grew 2% year on year month to date in May 2026 driven by strong increases from Asia.
- Airlines remain cautious on capacity expansion and focus on high yield corridors amid elevated operating and fuel costs.
Regulation/ News
- Global spot rates remained stable but elevated at 48% above prior year levels in May 2026.
- Supply chain constraints including aircraft delivery delays and potential EU ETS expansion continue to pressure costs and rates.
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Regional Air Freight News
Europe
- Middle East geopolitical tensions continue to disrupt Asia to Europe corridors and increase transit times and operational costs.
- Capacity constraints and operational disruptions drive short term upward rate pressure and tighter space availability.
- Elevated jet fuel prices are increasing fuel surcharges and delaying rate normalization.
Asia
- Asia export demand grew 8% year on year supported by semiconductors AI hardware and pre holiday shipping demand.
- Capacity increased 8% year on year supported by partial recovery of Gulf capacity.
- Spot rates remain significantly higher year on year due to capacity constraints and elevated fuel costs.
Middle East and Africa
- Origin capacity remains approximately 20% below prior year levels despite gradual recovery.
- Airspace restrictions continue to limit operations resulting in reduced rotations and extended transit times.
- Rates from Africa remain elevated due to persistent capacity shortages.
Americas
- North America market conditions stabilized in April and May 2026 following earlier volatility.
- Elevated oil prices continue to sustain high air freight rate levels across the region.
- Latin America outbound capacity remains constrained with longer lead times and ongoing space shortages on key trade lanes.
- Strong demand such as flower exports drove significant traffic growth between Latin America and North America.
Detailed Air Freight Market Update
Discover the latest trends, key market developments, and expert analyses that can impact your logistics strategy.
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