30 May 2025

China-U.S. air cargo falls 15% in April amidst tariff peak

This one caught our attention: a strong decline in CN-US air cargo amidst the tariff peak, driven by a 50%+ drop in laptops & smartphone volumes:

↗️ Q1 2025 air trade volumes grew 13% (8% in value) vs Q1 2024

↘️ April 2025 reversed the positive trend as volumes declined 15% amidst the (retaliatory) tariff peak

⬇️ Laptop & smartphones drive the decline, at -52% YoY in weight, and -60%(!) in value

💡 As such, April had ±10k less tonnes of air freight (or ±100 widebody freighters) vs last year