Global air freight rates eased by 1.1% in the seven days to November 2, 2026, but remained 22.8% higher year on year, as elevated jet fuel prices and strong demand continued to support the market amid the ongoing peak season, according to the latest data from TAC Index.
The global Baltic Air Freight Index (BAI00) recorded a marginal weekly decline, although rates remained above the highest levels seen during the previous two peak seasons. With several weeks of the traditional peak period still remaining, the market continues to experience strong pricing conditions.
On major outbound routes from China, air freight rates declined slightly to Europe, where volumes and pricing have been affected by the expiry of the previous de minimis exemption for small parcels entering the European Union in July. In contrast, rates on Transpacific routes to the United States continued to register strong increases.
Hong Kong recorded further gains, with its outbound index (BAI30), covering both spot and forward rates, rising 0.7% week on week to stand 28% above year-ago levels. Shanghai’s outbound index (BAI80) increased 2.8% during the week, taking its year-on-year gain to 14.4%.
Elsewhere in East Asia, rates from Taiwan continued to strengthen. Rates from Seoul increased on routes to Europe but edged lower to the United States, while both trade lanes remained significantly above year-ago levels. Japan’s outbound rates to Europe also declined slightly but remained substantially higher year on year.
In Southeast Asia, Bangkok recorded a weekly increase, while Vietnam experienced marginal overall declines. From South Asia, air freight rates from India firmed slightly on both European and US-bound routes, with year-on-year increases reaching approximately 80%, highlighting the continued strength of demand for Indian air cargo capacity.
European outbound markets showed a mixed performance. Rates declined following recent increases on major Transatlantic routes to the United States and routes to the UAE. However, most other key destinations, including China, Japan, India, Mexico, Brazil, Australia and South Africa, recorded weekly gains.
Frankfurt’s outbound index (BAI20) fell 6.5% week on week but remained 25.7% higher year on year. London’s Heathrow outbound index (BAI40), which is more volatile, registered a sharper decline of 23.2%, largely driven by steep reductions on North American routes. Despite the weekly correction, the index was still 34.4% above its level a year earlier.
In North America, rates to Europe and the United Kingdom continued to rise, while other major outbound markets recorded mixed movements. Rates to China and South America declined. Chicago’s outbound index (BAI50) dropped 4.2% over the week but remained 17.9% higher year on year.
Meanwhile, rates from Mexico to Europe also declined during the week, although they continued to remain significantly above levels recorded during the corresponding period last year.
Overall, the latest TAC Index data points to a resilient global air freight market, with regional variations and selective weekly corrections failing to reverse the broader upward trend. Strong demand, high jet fuel costs and sustained peak-season activity continue to keep international air cargo rates elevated.