International Air Freight Rates End 2025 on a High Note

Air cargo rates on key East-West trade lanes finished 2025 on a high note as peak season demand lifted price levels. According to the latest monthly statistics from the Baltic Exchange Airfreight Index (BAI) - which utilizes data from the TAC Index based on both spot and contract rates - the market recorded notable developments.

Hong Kong - North America: New Peak but Slower Growth

Air freight rates from Hong Kong to North America rose 6.7% month-on-month in December, hitting $6.60/kg. This represents the highest monthly average recorded this year on this trade lane.

However, when placed side-by-side, this December's 6.7% rise pales in comparison to the 8.5% growth recorded during the same period in 2024. This indicates a "cooler" peak season compared to the 12 months prior.

Looking back at history, while rates on this route have typically peaked in December in recent years, this has not always been the rule. This shift reflects new demand dynamics and the strong surge of e-commerce.
 
Specifically, in 2015, 2016, 2017, and 2019, actual rates declined during the period between November and December.

On a year-on-year (YoY) basis, rates on this route closed the year 1.9% lower than in December 2024.

Although year-end rates were only slightly down from 2024 levels, the market endured a rough patch in June, when rates were 13% lower than the same period the previous year. The primary causes were tariff disputes between the US and China, along with the removal of the de minimis exemption for low-value goods, which negatively impacted demand levels.

However, as 2025 progressed, the market improved as supply chains resettled into new trade patterns.

Hong Kong - Europe: Benefiting from Shifting Cargo Flows

A similar pattern was observed on services between Hong Kong and Europe. Average rates in December reached $5.44/kg - also the highest level of the year.

Rates jumped substantially by 8.8% compared to November - an impressive increase based on historical performance between these two months - and were down just 0.9% compared to a year earlier.

Overall, year-on-year performance on the Asia-Europe lane was relatively better than the Transpacific throughout 2025. The main supporting driver was e-commerce giants shifting their operational focus away from the US market towards Europe.

The largest year-on-year rate drop between Hong Kong and Europe was recorded in October, with a decline of 5.9%.

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Nguồn: Phaata.com (Theo Air Cargo Week)

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