关税战中杀出黑马!国泰航空当月货运量暴涨13.6%破13万吨,究竟如何“抢跑”空运市场?

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尽管美中经贸摩擦持续发酵，香港标志性航空公司国泰航空在2024年4月仍实现货运业务同比增长，虽增速较前期有所收窄，但通过灵活调整运营策略，成功维系亚太航空货运枢纽地位。



数据显示，该航司当月货运总量达133,398吨，较去年同期增长13.6%，延续着年初至今的双位数增长态势。

从季度环比视角观察，4月货运量较3月的148,807吨下滑10.4%，这一波动与行业周期性特征高度吻合。国泰航空首席客户及商务官刘美施（Lavinia Lau）在业绩说明会上指出："一季度末传统货运高峰与四月多重假期叠加，导致单月运量自然回落。



但值得关注的是，我们定制化物流解决方案持续发力，特别是在亚太-美国航线上，企业客户为应对潜在关税政策变动，提前锁定国泰优先解决方案的需求显著提升。"

据企业披露，其专业物流服务板块展现出强劲韧性。北亚地区半导体制造设备出口持续旺盛，欧洲市场对香港转口贸易的临时性需求激增，双重利好推动专家解决方案业务量攀升。

值得关注的是，企业特别提及东南亚市场的战略价值——在5月上旬，随着港澳内地需求波动，该区域货物吞吐量已实现平稳接替，展现出供应链网络的弹性调节能力。

运力配置方面，集团4月可用货运吨公里同比提升8.9%，但载客率微降1.1个百分点。从前四个月累计数据看，货运总量较2024年同期增长12.4%，印证了航空货运市场需求的整体回暖。



面对跨太平洋航线增速放缓的压力，国泰航空通过优化东南亚地区货源组织，有效维持货运规模稳定。刘美施强调："我们正密切监测下半年市场动态，特别是关税政策可能引发的贸易流向变化。"

值得注意的政策动向是，中美两国近期达成的90天关税暂停协议为航空货运市场注入强心剂。

根据协议条款，美国将价值800美元以下的中国商品"最低税率"由120%大幅调降至54%，同时维持每包裹100美元封顶标准。这一调整直接惠及跨境电商领域，特别是Shein、Temu等平台此前受关税上调冲击明显。



国泰航空对此表示审慎乐观。刘美施指出："短期关税政策的确定性恢复，为航空货运提供宝贵缓冲期。我们正利用此窗口期优化运力布局，包括调整中美航线宽体机投放比例，以及加强东南亚-北美转运业务衔接。"企业透露，已制定多套应急预案应对政策不确定性，包括建立动态运价调整机制和备用运力储备池。

行业分析师指出，此次关税调整折射出全球供应链的深度重构。国泰航空凭借覆盖35个亚太城市的枢纽网络，以及与50余家货运代理的战略合作，展现出较强的风险抵御能力。

最新财报显示，其前四个月货运收入已占集团总营收的38%，较去年同期提升4个百分点，验证了航空货运业务的战略转型成效。

展望后市，地缘政治因素仍是最大变量。刘美施坦言："尽管当前关税暂停带来喘息空间，但跨境电子商务的关税政策仍存变数。我们正与重点客户协商长期物流方案，包括建立区域分拨中心和推行'中国+1'供应链备份计划。"



据悉，该航司已启动越南河内、马来西亚吉隆坡两大货运枢纽的升级改造，预计2025年一季度投入运营。

在可持续发展维度，国泰航空同步推进绿色货运转型。其生物燃料混合比例已提升至15%，并计划在2026年前引入首架电动货机。刘美施特别强调："环保规制与运营效率的平衡，将成为未来航空货运的核心竞争力。"

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Cathay maintained its year-on-year cargo growth in April despite ongoing U.S.-China trade tensions, though the pace slowed compared to March.

The cargo arm of Hong Kong flag carrier Cathay Pacific said it carried 133,398 tonnes, up 13.6% compared to the same period in 2024.



Last month's cargo volume declined from the 148,807 tonnes recorded in March, reflecting a month-on-month slowdown.

"Tonnage in April was 10.4% lower than in March, primarily due to the traditional first quarter-end peak in March and the various holiday periods in April. However, our specialist solutions maintained their growth momentum and we saw increased demand for our Cathay Priority solution on the Asia Pacific-United States trade lane ahead of the implementation of trade tariffs," Lavinia Lau, chief customer and commercial officer at Cathay, said.

"Demand for our Cathay Expert solution continued to grow, supported by robust exports of semiconductor machinery from North Asia as well as ad hoc demand out of Europe to Hong Kong," she added.

According to traffic figures released by the airline group for April, Available Freight Tonne Kilometres (AFTKs) increased by 8.9% while load factor decreased by 1.1 percentage points year on year.



In the first four months of 2025, the total tonnage increased by 12.4% compared to the same January to April period in 2024.

Cathay noted that while Transpacific volumes have slowed due to tariff-related challenges, the airline has stabilized cargo flow by sourcing shipments from other regions, including Southeast Asia.

"Turning to May, we have seen steady replacement cargo from other parts of our network including Southeast Asia during the first half of the month amidst reduced demand from Hong Kong and the Chinese Mainland," Lau said.

"We will continue to closely monitor the ongoing developments in the second half."



Meanwhile, Cathay welcomed the recent 90-day tariff pause between the U.S. and China, noting it provides short-term stability amid ongoing trade uncertainty.

"On the cargo front, the latest announcements regarding the tariffs between China and the United States provide some reassurance to the market in the near term," Lau said. "We will continue to closely monitor the market conditions and leverage our built-in flexibility to adjust freighter capacity."

The US and China recently agreed to a 90-day pause on reciprocal tariffs, marking a temporary de-escalation in their ongoing trade tensions.

As part of the agreement, the U.S. significantly reduced its "de minimis" tariff on low-value Chinese shipments from 120% to 54%, while maintaining a flat fee of US$100 per package.

Previously, the "de minimis" exemption allowed goods valued under US$800 to enter the U.S. duty-free, but recent tariff hikes disrupted e-commerce models, particularly for companies like Shein and Temu.

The tariff pause aims to stabilize trade relations, though uncertainty remains about long-term policy shifts once the 90-day period ends.

#国泰航空 #中美关税战 #香港 #航空货运 #空运

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