Hong Kong has long been the world’s busiest air cargo hub, handling more than 4.3mn tonnes of cargo last year. The city’s airport plays a critical role in the global supply chain, connecting China’s industrial base with the rest of the world. But its strategic position also makes it increasingly vulnerable to escalating geopolitical tensions between the US and China, as well as the impact of US President Donald Trump-era tariffs.

Multinational companies rely on Hong Kong for warehousing and distribution, while global logistics providers such as UPS and all-cargo airlines like Air Hong Kong use the city as a key trans-shipment hub. Cathay Pacific, the city’s flagship carrier, has been one of the biggest beneficiaries of this cargo volume, with cargo services accounting for more than a quarter of its total revenue.

Cathay’s cargo revenue has been growing steadily, driven by higher freight rates and strong demand from ecommerce and expanding trade, particularly in electronics. Overall, the group’s cargo tonnage increased 11 per cent last year. Between Europe and Asia, pharmaceutical products and perishables — including China-bound shipments from markets like the UK, France and Belgium — are driving growth in its special cargo business.