Global air cargo rate growth slowed for a third consecutive month in August as demand remained strong, according to Xeneta. Air cargo volumes rose 6% year on year, following a 5% increase in July. Global spot rates averaged $3.13 per kg, up 24% from a year earlier. That marked a slowdown from 28% annual growth in July, 38% in June and a 41% peak in May.
Rates also fell 3% month on month in August, compared with a 6% decline in July. Xeneta said demand growth continued to outpace available capacity, while higher jet fuel prices limited the pace of rate declines.
Global capacity was flat from a year earlier, pushing Xeneta’s dynamic load factor to 61%, three percentage points higher than in August 2025.
China to Western Europe rates fell 6% from July to $3.85 per kg, after dropping 22% the previous month. Southeast Asia to Europe rates fell 7% to $4.20 per kg.
Xeneta expects air cargo rates to decline further, but said the market remains a seller’s market. It forecasts global air cargo demand to grow 4% in 2026.
