ports

AI Shipments Buoy Air Cargo Despite Demand Headwinds

Artificial intelligence infrastructure and semiconductor shipments are propping up the air cargo market even as e-commerce demand slackens, according to pricing data from major freight forwarders.

Global air freight rates climbed 33% year-on-year in June, with volumes expanding 9%, bolstered by AI hardware demand and constrained Middle Eastern carrier capacity operating at roughly 70% of pre-conflict levels. Elevated jet fuel costs provided additional rate support.

The Asia-Europe corridor showed weakness after late June, with Hong Kong export tonnage declining 12% in early July following the EU's removal of de minimis for low-value imports.

Forwarders anticipate stable volumes through August, though geopolitical risks loom. Further Middle East disruptions or sustained ocean-to-air switching could accelerate peak season to September, pressuring capacity and rates.