2025 began with lower-than-expected growth in global air cargo demand in January of just two percent year-on-year compared to the double-digit monthly increases throughout last year, but fears of a trade war over tariffs impacting volumes and growth forecasts for the year are premature, according to the latest update from Xeneta.

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Air cargo faces a waiting game amidst fears of tariff war: Xeneta
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Air cargo faces a waiting game amidst fears of tariff war: Xeneta

Spot rates in January remained 17% higher YoY, reaching $2.65 per kg and 56% above pre-pandemic 2019 levels.