Air Cargo Watch #44: Strong demand and rates continued

Research evidence excerpt

Air Cargo Watch #44: Strong demand and rates continued

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Airfreight - Global

Air Cargo Watch #44: Strong demand and

rates continued

Industry Overview

Monthly Air Cargo Watch to track the airfreight industry 10 July 2026

Our monthly Air Cargo Watch includes high frequency airfreight data to track trends in Equity

the industry. Cargo demand remains robust growing 6% YoY in May and strengthened Global

further to c.7% YoY in June, supported by tech and ecommerce flows. Air cargo supply is Airfreight

normalizing with May +2% YoY with the Gulf-3 airlines restoring their networks. 2Q26 Nathan Gee, CFA >>

registered a strong 28% YoY rates with Hong Kong/Shanghai origin at 31% YoY. The Research Analyst

rates showed some WoW weakening for lower jet fuel surcharge in July but remained Merrill+65 6678Lynch0418(Singapore)

robust YoY trend at around 30% in 1H Jul thanks to tight supply-demand. nathan.gee@bofa.com

Ken Hoexter

Demand: May demand growth further up to 6% YoY ResearchBofAS Analyst

Air cargo volumes by tonne kilometer grew by 6% YoY in May accelerating from 4% YoY +1 646 855 1498

ken.hoexter@bofa.com

in Apri. Demand has seen no slowdown in June, with volumes trending by c.7% YoY on

Muneeba Kayani >>

average with checks suggesting some front loading ahead of European eCommerce Research Analyst

policy changes. Into July early checks suggest some WoW decline in China-Europe cargo MLI (UK)

+44 20 7996 5208

flows due to the start of European eCommerce policy changes although the impacts muneeba.kayani@bofa.com

appear much smaller than what was seen last year around the end of the US De Minimis Amy Han >>

policy which saw a sharp initial drop before gradually recovering as consumers adjusted Research Analyst Merrill Lynch (Hong Kong)

to the higher tariffs.