Prices continued to rise as demand from Southeast Asia to the United States rose

• Spot rates for air cargo from the Asia-Pacific region continued to rise ahead of Black Friday, up four percent on the week to US$4.11 per kilo.
• US prices rose to US$5.51 per kilogram, supported by strong demand from Japan, South Korea and Vietnam, although annual levels remained low.
• Southeast Asia saw the strongest year-over-year growth, with shipments to the United States up 40 percent in October, reflecting supply chain changes and increased demand for semiconductors.

Air freight prices continued to rise during Black Friday and Thanksgiving, driven by further increases in spot prices from Asia-Pacific to the US and Europe, according to the latest figures from WorldACD Market Data. In Asia, tonnage and prices have also increased.

The report covers developments in the last five weeks to November 16, 2025.

Average spot prices from Asia-Pacific origin rose four per cent to US$4.11 per week in the second full week of November (week 46: 10-16 November). Freight from the region also increased by one percent during this key retail period.

Spot prices from the Asia-Pacific region to the United States rose another four percent on the week to $5.51 per kilo. This was driven by a rapid recovery in Japan, where tonnes rose 16 percent and spot prices 10 percent after last week’s national holiday. South Korea recorded an increase of thirteen percent and Vietnam eight percent. However, average spot prices from Asia-Pacific to the United States remained 11% lower year-on-year, with the largest declines in Japan (thirty percent), Singapore (nineteen percent), Indonesia (nineteen percent), Vietnam (seventeen percent), South Korea (ten percent), and Hong Kong (eight percent).

As we highlighted last week, Asia-Pacific exports to the US and Europe in late 2024 saw exceptionally strong demand and tight capacity constraints, particularly from China, due to rising e-commerce volumes. This means that comparisons to the current year are challenging, even though prices are still relatively high by historical standards.

Air cargo shipments from the Asia-Pacific region to the United States remain the highest for the year, despite higher tariffs and smaller restrictions on U.S. imports from China and other markets since April. Although tons from China (down two percent year-on-year), Hong Kong (down six percent), and South Korea (down ten percent) were lower than last year in the 46th week, the region as a whole recorded a six percent increase year-on-year.

Strong growth from Southeast Asia to the United States

The burden of Taiwan and Southeast Asia has shifted much of the region’s annual growth to the United States in recent months. Demand from Southeast Asia to the United States rose 40 percent year-on-year in October, the highest monthly growth of the year, according to new WorldACD analysis. In the first ten months of 2025, tonnage from Southeast Asia to the United States increased by an average of about 26 percent.

In contrast, annual tonnage from China and Hong Kong to the United States fell by about six percent year-on-year, although exports to Europe rose by about eight percent. Year-to-date shipments from Southeast Asia to Europe fell by about six percent.

These patterns reflect a broader shift as US importers shift their sourcing away from China. For countries like Taiwan, it also indicates unusually strong demand for high-performance semiconductor chips, including those used in artificial intelligence. Air imports from Taiwan have risen 30 to 50 percent this year, with similar year-on-year increases from Vietnam, Thailand and Malaysia, all major exporters of semiconductors and electronic components. In the sixteenth week alone, tonnage from Taiwan, Vietnam, Thailand, and Malaysia to the United States increased by forty-one percent, sixty percent, thirty percent, and twenty-six percent, respectively.