Hong Kong International Airport handled 5,066,345 metric tonnes of cargo in 2025, holding the world's number-one cargo ranking for the 15th time since 2010 — while Memphis suffered the sharpest collapse in the top 20, falling from third to sixth place after volumes dropped 20.9%.

Airports Council International (ACI) World published its final 2025 airport traffic rankings on July 15, 2026. Global air cargo volumes exceeded 131 million metric tonnes last year, up 3.3% on 2024 and 7.4% above pre-pandemic 2019 levels. Cargo traffic remains far more concentrated than passenger traffic: the world's 20 busiest cargo airports moved 53.1 million tonnes, roughly 41% of global air freight.

The five busiest airports alone handled more than 19.5 million tonnes — nearly 15% of the world total. Two sit in China, three in the United States. Louisville and Miami posted the strongest growth inside the top five, both up more than 13%.

What drove Memphis out of the top five?

FedEx lost the US Postal Service air cargo contract in late 2024, and the consequences landed squarely on its Memphis hub. Volumes fell 20.9% in 2025, the steepest decline among the top 20 cargo airports, pushing Memphis from third place to sixth.

The pressure shows up beyond annual tonnage. A February 2026 report from DePaul University's Chaddick Institute found that UPS's Louisville hub had overtaken Memphis as the world's largest express air hub during its study period, averaging 202 flights per day in the busy mid-week window — 37 more than the FedEx facility. On peak days, Worldport offered 25.4% more tonnage capacity than Memphis.

The researchers credited the shift to FedEx's Network 2.0 restructuring, which moved some deferred freight from hub flights onto trucking and point-to-point routes. FreightWaves also noted that the Postal Service contract loss hit FedEx's afternoon flight bank at Memphis. For integrators and the forwarders who buy their capacity, the balance of US express infrastructure is tilting toward Louisville.

Who rounds out the top five?

5. Miami International Airport (MIA) handled 3,128,165 tonnes, up more than 13%. The airport counts its own figures in US tons — nearly 3.5 million, up 13.6% year-on-year and the sixth consecutive annual record. Miami-Dade County Mayor Daniella Levine Cava said: "For the sixth consecutive year, MIA has set a new cargo record." MIA, which markets itself as the Gateway of the Americas, hosts more than 35 all-cargo carriers plus the UPS regional hub for Latin America and the Caribbean. It moves perishables, pharmaceuticals, e-commerce and high-tech goods, with belly capacity on passenger flights linking Miami to Colombia and Central and South America.

4. Louisville Muhammad Ali International (SDF) processed 3,396,437 tonnes, home of UPS's Worldport and now the world's busiest express hub by the Chaddick Institute's measure.

3. Ted Stevens Anchorage International (ANC) handled 3,854,614 tonnes, up 4.2%, climbing from fourth to third — the busiest US cargo airport by ACI's ranking despite a metropolitan area under 300,000 people. ACI notes the total includes transit freight moving between other destinations; very little of ANC's volume is local.

2. Shanghai Pudong (PVG) moved 4,091,941 tonnes, retaining second place with 8.3% growth — the strongest rate in the top three and roughly triple Hong Kong's. PVG serves as the main international gateway for the Yangtze River Delta manufacturing belt, with China Eastern operating hubs at Pudong and Hongqiao.

How dominant is Hong Kong?

HKG's 2.7% growth to 5.07 million tonnes extended a streak of global leadership: the Airport Authority Hong Kong says the airport has been the busiest international cargo airport since 1996. Cargo moved through HKG in 2025 represented more than 45% of Hong Kong's total external trade value — approximately HK$4,965 billion — and the airport now offers 69 parking stands for freighter aircraft.

With Shanghai growing at triple Hong Kong's pace and Louisville displacing Memphis in the express segment, the 2026 rankings will test whether incumbents can defend their positions as network restructurings and contract shifts keep redrawing the cargo map.