An earlier Lunar New Year flattered January global air cargo demand, which saw a 7-per cent YoY boost, Xeneta said.
Recent freight rate declines eased.
But any early market optimism for 2026 was dampened by the first YoY fall in e-commerce exports from China since January 2022.
Ocean container shipping is a key wildcard for air freight growth, with the Red Sea/Suez situation needing attention.