Worldwide air cargo tonnages had plummeted in mid-February due to Lunar New Year holidays in China and across East and Southeast Asia, WorldACD Market Data said.
Global tonnages dropped 16% in week 8 (February 16-22), following a 5% decline in the previous week. This result was largely expected with the holidays bringing a usual downturn in tonnages. The drop marks a reversal of six consecutive weeks of growth.
Air cargo from Asia Pacific origins were particularly affected, falling 33% week-on-week and 20% below the same period last year.
Cargo from the Middle East and South Asia (MESA) was boosted by the start of Ramadan and was 10% above last year's volumes despite a post-peak slowdown.
The report noted that US tariff landscape is set to face further uncertainty and volatility to markets, especially for US-bound air cargo. After the US Supreme Court had ruled that the Trump administration's tariffs to be unlawful, the President has implemented a new temporary 10% global tariff that is expected to expire on July 24. He has also threatened to raise it to 15%.