• Airfreight demand in Latin America has remained strong over the past two years despite economic volatility, driven by e-commerce growth, cross-border trade, and the need for fast, high-value, or time-sensitive shipments, with many markets reporting double-digit year-on-year growth.
• Pricing strategies have evolved into a hybrid model combining spot rates and long-term contracts, allowing shippers to balance flexibility with cost predictability amid inflation and currency fluctuations.
• Structural factors—rapid e-commerce adoption, rising consumption, nearshoring, and new direct freighter connections from Asia—are driving sustained airfreight growth, while capacity management relies on a mix of belly cargo and carefully targeted freighter operations.

Airfreight demand in Latin America has remained resilient despite a turbulent economic backdrop over the past 24 months. Currency fluctuations, high inflation, and uneven growth have tested the region’s logistics networks, yet cargo volumes, particularly for time-sensitive and high-value goods, have shown remarkable strength. Analysts attribute much of this resilience to the rapid expansion of e-commerce, cross-border trade, and an ongoing reliance on quick delivery for critical shipments. Even amidst macroeconomic uncertainty, many markets have reported double-digit year-on-year growth in airfreight traffic, signalling structural robustness rather than short-lived cycles.

“Over the past two years, Latin America has experienced a mix of currency swings, inflation, and economic volatility, yet airfreight demand has remained consistently strong,” Rodrigo Hidalgo, VP of Bringer Air Cargo, explained.

“A significant part of this growth comes from expanding e-commerce and cross-border trade, as well as the continuing need to move high-value or time-sensitive goods quickly. In many markets, we are observing double-digit cargo growth year on year, reflecting both resilience and long-term opportunity.”

The current airfreight market has also seen changes in pricing strategies and contract structures. Spot rates fluctuate with short-term demand and macroeconomic shifts, while long-term contracts provide shippers with predictable costs. This hybrid approach has become more common, allowing businesses to balance flexibility with budget certainty, especially in markets where inflation and currency swings could otherwise disrupt supply chain planning.

“Today’s pricing environment reflects a balance between spot rates and long-term contracts,” Hidalgo noted. “Spot pricing offers flexibility but moves with market conditions, whereas contracts deliver stability and predictable budgeting. Many shippers are adopting a hybrid approach—securing core volumes under contract while relying on spot capacity for peaks or overflow.

“This enables them to manage costs while maintaining operational flexibility. It’s a strategy that has proven effective in volatile markets across the region. Balancing cost certainty against flexibility is key to sustaining growth.”

Structural growth outpaces cyclical factors

Long-term structural shifts are driving most of the current airfreight growth in Latin America, surpassing the impact of short-term cyclical changes. Rapid e-commerce adoption in markets such as Brazil and Mexico has reshaped supply chains, generating consistent demand for air cargo services that goes beyond seasonal fluctuations. Other structural forces—including rising consumption, nearshoring trends, and new direct freighter connections from Asia—are further altering trade flows. While inventory adjustments and seasonal spikes still influence volumes, the underlying growth reflects a fundamental change in how goods are produced, shipped, and consumed in the region.

“Airfreight growth in Latin America comes from both long-term structural changes and short-term cycles, but the structural drivers are clearly leading the way,” Hidalgo said. “Rapid e-commerce expansion, especially in Brazil and Mexico, is reshaping supply chains and creating sustained demand for air cargo.

“Other long-term factors such as rising consumption, nearshoring, and more direct freighter connections from Asia are redefining trade lanes. Seasonal flows and short-term inventory shifts still affect volumes, but overall growth is clearly structural, reflecting deeper changes in how goods move across the region.”

Capacity on major Latin American trade lanes has generally kept pace with demand, though imbalances remain on intra-regional routes and niche international connections. Belly cargo on passenger aircraft continues to provide the bulk of global capacity, while dedicated freighters cater to urgent, oversized, or heavy shipments. Freighter growth, however, must be carefully managed due to fuel costs and yield pressures, with operators increasingly relying on conversions and strategic network partnerships rather than new aircraft alone.

“Dedicated freighters remain essential for heavy, oversized, or urgent shipments, while belly cargo on passenger aircraft still provides most of the capacity,” Hidalgo explained. “This balance allows us to match the right aircraft type to each shipment. While freighter capacity has expanded, growth must be carefully managed due to yield pressure and fuel costs.

“Many operators are focusing on aircraft conversions and network partnerships rather than relying solely on new aircraft. From our perspective, combining belly capacity with targeted freighter lift helps maintain competitive service while controlling costs. This approach ensures that the market remains resilient and efficient despite economic pressures.”

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