## Company Profile Eagle Air Agencies NV/SA — Belgium-based freight forwarder (air-focused). Public footprint is small: contact email brucargo@eagleair.be and company contact page at https://eagleair.be/en/contact (memo). Likely services: airfreight forwarding, cargo consolidation, customs clearance and door‑to‑door logistics for Belgian exporters/importers (Brussels/Liège catchment). No clear public scale metrics found; position appears SME-sized regional forwarder serving time‑sensitive and high‑value Belgian export sectors (pharma, chemicals, perishables/food). ## Pain Points 1) Sudden sea‑to‑air demand surges from clients (pharma, perishables, time‑critical industrial parts): Red Sea rerouting has added ~10–14 days to Asia–Europe ocean transit times and lifted ocean costs, creating ad hoc urgent requests for air capacity that small forwarders struggle to monetise or fulfil reliably. 2) Temperature‑controlled & compliance burden for pharma/food exports: Belgium’s pharma and value‑added food exporters require tight cold‑chain management, end‑to‑end visibility and regulatory paperwork — a high‑service, low‑margin segment that strains SMEs without scale. 3) Capacity/rate asymmetry and booking risk on Europe–Asia lanes: Asia→Europe demand/rates are strong while Europe→Asia pricing is softer and belly/freighter mix fluctuates; forwarders need a scalable channel to pipeline/exporter leads and offload execution risk to a delivery partner when spot capacity/pricing becomes challenging. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. DEMAND SIGNALS – BELGIUM AIR CARGO DEMAND, EUROPE–ASIA CAPACITY & RATES, Q1 2026 === **Brussels & Liège – volumes and growth (early 2026)** - Brussels Airport handled: - **61,485 tonnes in January 2026**, +3.5% YoY vs January 2025; flown cargo +2.4%. Main export growth to **Asia and Africa**; imports mainly from Asia, North America, Africa.([aviation24.be](https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai)) - **63,050 tonnes in February 2026**, +6.5% YoY; flown cargo +7.2%, driven by **belly cargo +7.8%** and **integrator segment +12.1%**. Asia, Africa and South America are key import regions; exports to Asia and Africa show strong growth.([caasint.com](https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai)) - **~74,000 tonnes in April 2026**, +6.2% YoY; growth again led by belly cargo and integrators, plus a rebound in trucked volumes.([stattimes.com](https://www.stattimes.com/amp/air-cargo/cargo-volumes-at-brussels-airport-rise-62-in-april-1359126?utm_source=openai)) - For full year **2025**, Brussels Airport handled **~795,000 tonnes**, up **8.5%** vs 2024; freighter volumes +0.8%, trucked cargo –6.7%.([caasint.com](https://caasint.com/brussels-airport-cargo-volumes-rise-strongly-in-2025/?utm_source=openai)) - Liège Airport (Belgium’s largest cargo airport) reported a **14% cargo surge in 2025**, entering 2026 with “record‑beating” volumes under a “freighters‑first” strategy, and positioning itself strongly for **pharma cold‑chain and time‑critical freight** overflow from Brussels.([visahq.com](https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai)) **Demand and capacity on Europe–Asia lanes (Q4 2025–Q1 2026)** - IATA’s global air cargo data (CTK, cargo tonne‑km): - **Global demand +4.3% YoY** and international CTK +5.5% YoY entering 2026, with **strong Europe–Asia and transatlantic flows**; capacity (ACTK) +4.5% YoY, keeping load factor stable (~47.1%).([craneww.com](https://www.craneww.com/site/assets/files/4402/marketupdate_air_february_2026.pdf?utm_source=openai)) - **December 2025**: Europe–Asia corridor recorded **~12.2% YoY growth in cargo traffic**, one of the strongest trade lanes globally.([mtsinsights-assets.s3.amazonaws.com](https://mtsinsights-assets.s3.amazonaws.com/media/summaries/att/iata-air-cargo-market-analysis/2026/01/29/c63bc21f-9a82-4787-ad7e-076f57e916a8.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIARB7EFOVKWBL5S67B%2F20260306%2Fus-east-2%2Fs3%2Faws4_request&X-Amz-Date=20260306T101745Z&X-Amz-Expires=3600&X-Amz-Signature=88c2c141d566a03a283bea11ee7ed8b9ff7541b2ee27c32ccb3c0a71b7623aa2&X-Amz-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&utm_source=openai)) - **January 2026**: global air cargo demand +5.6% YoY; international demand +6.0%. Asia‑Pacific carriers saw **+8.9% YoY** CTK, reflecting robust Asia‑linked trade.([iata.org](https://www.iata.org/en/pressroom/2026-releases/2026-03-02-01/?utm_source=openai)) - **February–March 2026**: international demand growth accelerates to **+9.3% YoY** (Feb) with Europe’s carriers at **+6.1%**; March analysis confirms continued expansion, with Asia‑Pacific and Europe airlines benefiting from strong **Asia–Europe** flows.([iata.org](https://www.iata.org/en/iata-repository/publications/economic-reports/air-cargo-market-analysis-february-2026/?utm_source=openai)) **Air freight rates – Europe–Asia, Q1 2026** - Drewry’s global **Airfreight Rate Index (April 30, 2026)**: - Average **global rate = USD 3.80/kg**, +11% MoM and highest in 2026 to date. - Year‑on‑year: **double‑digit rate increases ex‑Asia to Europe**, but **rates *from Europe to Asia* down about 4% YoY**, indicating stronger pricing on Asia→Europe than Europe→Asia.([drewry.co.uk](https://www.drewry.co.uk/supply-chain-advisors/supply-chain-expertise/airfreight-index?utm_source=openai)) - A separate February 2026 market update (cargo integrator/forwarder summary based on IATA data) highlights: - **Balanced capacity** entering 2026—capacity growth roughly in line with demand—limiting extreme spot spikes but keeping **Asia–Europe lanes tight** relative to other regions.([craneww.com](https://www.craneww.com/site/assets/files/4402/marketupdate_air_february_2026.pdf?utm_source=openai)) **Belgium‑specific demand signals on Europe–Asia** - Brussels Airport communications indicate that in early 2026: - **Asia remains a leading import region and a key export growth market** for Brussels cargo, particularly for high‑value sectors (pharma, e‑commerce, perishables).([caasint.com](https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai)) - Growth is skewed toward **belly capacity on passenger flights and integrators**, while **cargo flights (freighters) actually declined ~9.4% in January 2026**, implying higher load factors and better utilisation of existing widebody passenger capacity.([aviation24.be](https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai)) **Implications / read‑across** - For Q1 2026, Belgium’s air cargo system (Brussels + Liège) is operating in a **growth environment (mid‑single to low‑double digit tonnage growth)** on top of strong 2025 gains, with: - **Structural demand support** from pharma, e‑commerce, and integrators.([visahq.com](https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai)) - **Europe–Asia lanes** in particular showing double‑digit demand in late 2025 and continued strength in early 2026, but with pricing asymmetry (Asia→Europe up; Europe→Asia softer).([mtsinsights-assets.s3.amazonaws.com](https://mtsinsights-assets.s3.amazonaws.com/media/summaries/att/iata-air-cargo-market-analysis/2026/01/29/c63bc21f-9a82-4787-ad7e-076f57e916a8.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIARB7EFOVKWBL5S67B%2F20260306%2Fus-east-2%2Fs3%2Faws4_request&X-Amz-Date=20260306T101745Z&X-Amz-Expires=3600&X-Amz-Signature=88c2c141d566a03a283bea11ee7ed8b9ff7541b2ee27c32ccb3c0a71b7623aa2&X-Amz-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&utm_source=openai)) **Section 1 sources:** ([aviation24.be](https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai)) === 2. MARKET EVENTS – EU / BELGIUM TRADE FLOWS 2025–Q1 2026 (PHARMA, CHEMICALS, PERISHABLES) === **EU‑level trade flows – pharma & chemicals (2025 data released 2026)** - **Medicinal & pharmaceutical products (CPA/HS 30)**: - 2025 EU exports: **€366.2 bn**; imports: **€145.7 bn** → **trade surplus €220.5 bn**, an all‑time high.([ec.europa.eu](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai)) - **US is 43.8% of extra‑EU exports** (~€160.6 bn), highlighting heavy transatlantic concentration.([ec.europa.eu](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai)) - **Chemicals overall (Section VI HS 28–38, extra‑EU trade)**: - Extra‑EU trade in chemicals in **2025 = €869.2 bn**, of which: - Inorganic chemicals (HS 28) exports ~€37.6 bn (illustrative sub‑segment).([thetradehub.eu](https://www.thetradehub.eu/en/market/sector/06?utm_source=openai)) - **Total EU goods trade**: - Overall EU trade in goods surplus for 2025 **fell to €128 bn**, down from 2024, as import growth outpaced exports.([ec.europa.eu](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260326-4?utm_source=openai)) **EU agri‑food and perishables (including dairy, fruit/veg, meat, flowers)** - European Commission March 2026 agri‑food report (covering 2025): - **EU agri‑food exports in 2025 = €238.4 bn**, imports higher YoY, narrowing the surplus to **€49.9 bn**, down ~€13.3 bn vs 2024.([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai)) - Agri‑food equals **~9% of total EU exports** in 2025 (total exports €2.6 tn).([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai)) - Export leaders: **cereals, dairy products, wine**; import growth led by **coffee, tea, cocoa, spices**, where record cocoa and coffee prices boosted import values.([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai)) - Short‑term dynamics: October–November 2025 monitoring reports show: - **October 2025 surplus = €6.4 bn**, highest in over a year; exports supported by high prices for **processed cocoa‑based products and coffee**, while cereal export volumes declined.([2eu.brussels](https://2eu.brussels/en/news/eu-agri-food-trade-surplus-reaches-highest-level-in-over-a-year?utm_source=openai)) **Belgium’s position within EU trade – pharma / chemicals / food** - Belgium is among the **top three EU pharma exporters**: - Reddit summary of Eurostat release (April 2026) cites Belgium’s **extra‑EU pharma exports at €38.5 bn in 2025**, behind Ireland (€93.8 bn) and Germany (€67.9 bn).([reddit.com](https://www.reddit.com/r/europe/comments/1skxjcx/in_2025_the_eu_exported_3662_billion_worth_of/?utm_source=openai)) - A Belgian media discussion notes Belgium **exports ~€216m/day of biopharmaceutical products** (≈€78–80 bn/year) and that pharma accounts for **~20.4% of Belgian industrial value added**, underscoring its heavy specialization.([reddit.com](https://www.reddit.com/r/Belgium2/comments/1jw16bv?utm_source=openai)) - **Belgium’s top export products (all sectors) in 2025**: - Leading groups: **medication mixes in dosage (6.8% of exports), blood fractions/antisera (6.7%), cars (7.8%), processed petroleum oils (5.8%), petroleum gases (2.5%), electro‑medical equipment (1.3%), chocolate/cocoa preparations (1.18%), ethylene polymers (1.05%), unmounted diamonds (1.02%)**.([worldstopexports.com](https://www.worldstopexports.com/belgiums-top-exports/?utm_source=openai)) - This mix confirms **pharmaceuticals and specialized chemicals** plus **value‑added food (chocolate/cocoa)** as strategic export pillars. - CEIC / trade‑by‑HS data for Belgium (national concept exports): - **Pharmaceutical exports (HS pharma within chemical products)** reached **€5.1 bn in October 2025** (monthly), while **food, beverages & tobacco** exports were around **€2.5 bn in September 2025**, indicating that pharma exports are roughly **double** agri‑food in value on a monthly basis.([ceicdata.com](https://www.ceicdata.com/en/belgium/exports-national-concept-by-harmonised-system/exports-nc-hs-chemical-products?utm_source=openai)) **Regional / Belgian trade structure in 2025** - **Flemish region (which dominates Belgian trade):** - EU27 partners took **69% of Flemish exports in 2025**, indicating strong intra‑EU orientation; extra‑EU (including US, China, UK, etc.) ~31%.([vlaanderen.be](https://www.vlaanderen.be/en/statistics-flanders/foreign-trade/import-export-of-goods?utm_source=openai)) - Flanders Investment & Trade (March 2026) notes that **2025 exports dipped slightly** in value due mainly to **vaccines, pharma, diesel/petroleum, and diamonds**, whereas **food, automotive and machinery** partly offset this decline.([corporate.flandersinvestmentandtrade.com](https://corporate.flandersinvestmentandtrade.com/en/news/despite-slight-decline-2025-flemish-export-remains-historically-high?utm_source=openai)) - FIT’s 2025 trade figures list **chemicals, pharma, machinery, and food & drink** among top export branches, confirming continued strength in both **chemical/pharmaceutical** and **agri‑food/perishables** value chains.([export.flandersinvestmentandtrade.com](https://export.flandersinvestmentandtrade.com/sites/fit_domains/files/2026-03/export-data-2025-one-pager-english-version.pdf?utm_source=openai)) **Trade shifts / risk signals relevant to perishables & high‑value cargo in 2026** - **Pharma & chemicals:** - EU’s record **€220.5 bn pharma surplus** and Belgium’s large share implies sustained outbound high‑value flows, particularly to the US and other extra‑EU markets—key demand for **temperature‑controlled air cargo** and **time‑critical shipments**.([ec.europa.eu](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai)) - **Agri‑food/perishables:** - EU remains **net exporter**, but the **agri‑food surplus is narrowing** as import growth (especially tropical commodities) outstrips export gains; price volatility in cocoa/coffee intensifies value of imports and processed exports.([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai)) - For Belgium, **value‑added food exports (e.g., chocolate/cocoa products)** remain among the top 10 HS‑4 export items, supporting ongoing flows of **temperature‑controlled and time‑sensitive cargo**, particularly to North America and Asia.([worldstopexports.com](https://www.worldstopexports.com/belgiums-top-exports/?utm_source=openai)) **Section 2 sources:** ([ec.europa.eu](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai)) === 3. PROBLEM FRAMING – RED SEA ATTACKS 2024–2026, SHIPPING ROUTE IMPACT & MODAL SHIFT TO AIRFREIGHT (EUROPE / BELGIUM EXPORTERS) === **Nature and scale of Red Sea disruption (late 2023–2026)** - Houthi attacks on commercial vessels in the **Red Sea/Bab el‑Mandeb** escalated from late 2023 and persisted through 2024–2025, affecting container, tanker and bulk traffic.([atlasinstitute.org](https://atlasinstitute.org/the-red-sea-shipping-crisis-2024-2025-houthi-attacks-and-global-trade-disruption/?utm_source=openai)) - UNCTAD estimates: by **Q1 2024**, a significant share of container capacity had **shifted away from the Suez/Red Sea** to routes around the **Cape of Good Hope**, reflecting a sustained rerouting rather than a temporary blip.([unctad.org](https://unctad.org/publication/navigating-troubled-waters-impact-global-trade-disruption-shipping-routes-red-sea-black?utm_source=openai)) - Analysis from 2025–early 2026 indicates **70–75% of Asia–Europe container vessels** have been rerouted via the Cape, implying a structural change in mainline routing.([content.ballastmarkets.com](https://content.ballastmarkets.com/learn/modules/red-sea-alternative-routes/?utm_source=openai)) **Transit time and cost impacts on ocean freight (Asia–Europe)** - Typical Asia–Europe voyage via Suez vs Cape: - Rerouting via the **Cape of Good Hope adds ~3,000–4,000 nautical miles**, extending transit times by **10–14 days** per leg.([atlasinstitute.org](https://atlasinstitute.org/the-red-sea-shipping-crisis-2024-2025-houthi-attacks-and-global-trade-disruption/?utm_source=openai)) - Cost impact: - Additional operational cost per Asia–Europe voyage estimated at **USD 1.5–2.5m** (fuel, insurance, charter time, etc.) when rerouted around Africa.([content.ballastmarkets.com](https://content.ballastmarkets.com/learn/modules/red-sea-alternative-routes/?utm_source=openai)) - OECD 2024 “Risks and resilience in global trade” finds container freight rates between Asia and Europe **rose over 300%** vs pre‑crisis levels to about **USD 5,000 per FEU (Shanghai–Rotterdam)** and **>USD 6,000 per FEU (Shanghai–Genoa)** following escalation in the Red Sea.([oecd.org](https://www.oecd.org/content/dam/oecd/en/publications/reports/2024/12/risks-and-resilience-in-global-trade_c8a001ff/1c66c439-en.pdf?utm_source=openai)) - More recent 2024–late 2025 analyses show rates then **“settled” around USD 3,300–3,500/FEU** by late 2024, but remained well above pre‑crisis benchmarks.([isdo.ch](https://isdo.ch/wp-content/uploads/2026/02/Analysis-of-maritime-geopolitics-on-early-2026-The-Red-Sea-Factor.pdf?utm_source=openai)) - A 2026 logistics advisory estimates **Asia→Europe ocean freight spot rates currently +25–40% vs pre‑crisis**, with **transit times still +10–14 days** for vessels avoiding the Red Sea.([suaidglobal.com](https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai)) **Modal shift to airfreight & sea–air solutions** - Early in the crisis (2024), maritime/air logistics reports recorded a **notable shift of time‑sensitive cargo from sea to air**, especially: - Fast‑fashion, electronics, some auto components, and selected perishables unable to tolerate the extra **10–14 days**.([ports.marinelink.com](https://ports.marinelink.com/ports/port/sausalito/news/air-cargo-demand-surges-as-red-sea-crisis-impacts-sea-freight-lead-times-in-2024?utm_source=openai)) - A 2025 case‑study of a shipper’s response models: - For a portfolio where **40% of SKU volume is fast‑moving (480 FEU)**, the recommended strategy is to **shift 20% of that fast‑moving volume (≈240 FEU equivalent weight) to air freight** while leaving the rest on ocean, illustrating a **partial, tactical** rather than full modal shift.([content.ballastmarkets.com](https://content.ballastmarkets.com/learn/modules/red-sea-alternative-routes/?utm_source=openai)) - Drewry and other analysts note that since late 2023, **e‑commerce exports from China and sea‑air routings via South Asia & Middle East hubs** (e.g., Dubai, Doha) are **major drivers of airfreight growth**, compensating for softer traditional industrial cargo.([drewry.co.uk](https://www.drewry.co.uk/logistics-executive-briefing/logistics-executive-briefing-articles/airfreight-growth-continues-in-august-2024-led-by-e-commerce-and-regional-demand?utm_source=openai)) - Impact on air rates: - The tightening of ocean capacity plus extra lead times has **reinforced air cargo demand**, contributing to global airfreight growth of **~11–12% YoY in parts of 2024** and supporting the **2025–2026 rate floor**.([drewry.co.uk](https://www.drewry.co.uk/logistics-executive-briefing/logistics-executive-briefing-articles/airfreight-growth-continues-in-august-2024-led-by-e-commerce-and-regional-demand?utm_source=openai)) **Specific Europe / Belgium exporter implications** - Macro‑level: - OECD and UNCTAD highlight that longer routes and higher freight rates **increase inventory and working‑capital requirements**, forcing European shippers to hold more safety stock and/or switch critical flows to faster modes.([unctad.org](https://unctad.org/publication/navigating-troubled-waters-impact-global-trade-disruption-shipping-routes-red-sea-black?utm_source=openai)) - Commodities and sectors most affected for European exporters (and Belgium in particular): - **Pharmaceuticals / high‑value chemicals** – high value‑density and strict lead‑time/temperature requirements mean **greater propensity to shift to air** or use sea‑air to Middle East/Asia hubs. Belgium’s heavy reliance on pharma exports (over **€200m/day** of biopharma shipments, ~20% of industrial value added) magnifies this exposure.([reddit.com](https://www.reddit.com/r/Belgium2/comments/1jw16bv?utm_source=openai)) - **Perishables / agri‑food** – EU agri‑food exports (e.g., dairy, meat, fruit/veg, processed foods, chocolate) are time‑sensitive; **Belgian chocolate and cocoa‑based exports**, a top HS‑4 export at **1.18% of total exports**, are especially exposed to longer ocean times and schedule unreliability on Asia/Middle East lanes.([worldstopexports.com](https://www.worldstopexports.com/belgiums-top-exports/?utm_source=openai)) - **Just‑in‑time industrial components** (automotive, machinery) – delays on Asia–Europe flows force OEMs to **up‑gauge to air for critical SKUs** to avoid production line stops, particularly into the EU automotive clusters served via Belgian logistics hubs.([cxtms.com](https://cxtms.com/blog/red-sea-disruptions-shipping-routes-rates-impact-2026?utm_source=openai)) - Belgium’s air cargo infrastructure as shock absorber: - **Brussels Airport**: - Demonstrates **mid‑single digit monthly cargo growth in early 2026**, led by belly cargo and integrators, with Asia as a key region for imports and exports—consistent with increased reliance on air for Asia‑linked flows.([caasint.com](https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai)) - **Liège Airport**: - With its **“freighters‑first” strategy** and 14% cargo surge in 2025, Liège has effectively become a **back‑up and overflow hub** for time‑critical industrial freight and pharma cold chain when other hubs face weather or capacity constraints, directly supporting **Belgian and wider European exporters** affected by ocean disruption.([visahq.com](https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai)) **Risk outlook 2026** - Though some **ceasefire periods in late 2025** temporarily reduced attacks, 2026 commentary stresses that the **situation remains highly uncertain**, with carriers continuing to price Red Sea risk into contracts (war risk premiums, surcharges) and maintaining **contingency routings via the Cape**.([cxtms.com](https://cxtms.com/blog/red-sea-disruptions-shipping-routes-rates-impact-2026?utm_source=openai)) - For European and Belgian exporters, this implies: - Persistent **structural uplift in ocean lead times & cost** on Asia–Europe and some Middle East routes. - Ongoing **hybrid logistics strategies**: a portion of volume shifted structurally or tactically to airfreight or sea‑air, especially for **pharma, chemicals, perishables, high‑value manufactured goods**. - Elevated importance of **air capacity out of Belgium (Brussels belly + Liège freighters)** as a resilience lever when Red Sea/Suez risk spikes.([visahq.com](https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai)) **Section 3 sources:** ([atlasinstitute.org](https://atlasinstitute.org/the-red-sea-shipping-crisis-2024-2025-houthi-attacks-and-global-trade-disruption/?utm_source=openai)) Sources: • Brussels Airport reports strong start to 2026 with passenger and cargo growth - Aviation24.be https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai • Brussels Airport handles 63,050 tonnes of cargo in February https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai • Cargo volumes at Brussels Airport rise 6.2% in April https://www.stattimes.com/amp/air-cargo/cargo-volumes-at-brussels-airport-rise-62-in-april-1359126?utm_source=openai • Brussels Airport cargo volumes rise strongly in 2025 https://caasint.com/brussels-airport-cargo-volumes-rise-strongly-in-2025/?utm_source=openai • Liège Airport Posts 14 % Cargo Surge, Doubling Down on ‘Freighters First’ Strategy https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai • Global Demand Momentum: Air cargo demand (CTK) increased 4.3% YoY, reflecting resilient and targeted freight flows concentrated in specific regions and trade lanes rather than a broad-based global trade acceleration. Regional Performance Divergence: International CTK rose 5.5% YoY, led by Asia Pacific (+10.7%) and Africa (+10.1%), the only regions achieving double-digit growth, while the Americas experienced contraction. Capacity & Load Factors: Global cargo capacity (ACTK) expanded 4.5% YoY, with load factors stable at 47.1%, indicating disciplined fleet deployment and uneven capacity absorption across markets. Fuel & Yield Trends: Jet fuel prices declined 3.1% YoY (ninth annual drop in 2025), narrowing the Brent–jet fuel crack to USD 23.9; however, cargo yields continued to soften (-2.6% YoY) for the eighth consecutive month, despite relatively stable month-on-month rates (-0.4%). Source: IATA.com | | Chart 1 – Industry CTK (in billion) https://www.craneww.com/site/assets/files/4402/marketupdate_air_february_2026.pdf?utm_source=openai • Air Cargo Market Analysis December 2025 https://mtsinsights-assets.s3.amazonaws.com/media/summaries/att/iata-air-cargo-market-analysis/2026/01/29/c63bc21f-9a82-4787-ad7e-076f57e916a8.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIARB7EFOVKWBL5S67B%2F20260306%2Fus-east-2%2Fs3%2Faws4_request&X-Amz-Date=20260306T101745Z&X-Amz-Expires=3600&X-Amz-Signature=88c2c141d566a03a283bea11ee7ed8b9ff7541b2ee27c32ccb3c0a71b7623aa2&X-Amz-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&utm_source=openai • IATA - Air Cargo Demand up 5.6% in January 2026 https://www.iata.org/en/pressroom/2026-releases/2026-03-02-01/?utm_source=openai • Air Cargo Market Analysis https://www.iata.org/en/iata-repository/publications/economic-reports/air-cargo-market-analysis-february-2026/?utm_source=openai • Drewry - Service Expertise - Airfreight Price Index - April https://www.drewry.co.uk/supply-chain-advisors/supply-chain-expertise/airfreight-index?utm_source=openai • Global Demand Momentum: Air cargo demand (CTK) increased 4.3% YoY, reflecting resilient and targeted freight flows concentrated in specific regions and trade lanes rather than a broad-based global trade acceleration. Regional Performance Divergence: International CTK rose 5.5% YoY, led by Asia Pacific (+10.7%) and Africa (+10.1%), the only regions achieving double-digit growth, while the Americas experienced contraction. Capacity & Load Factors: Global cargo capacity (ACTK) expanded 4.5% YoY, with load factors stable at 47.1%, indicating disciplined fleet deployment and uneven capacity absorption across markets. Fuel & Yield Trends: Jet fuel prices declined 3.1% YoY (ninth annual drop in 2025), narrowing the Brent–jet fuel crack to USD 23.9; however, cargo yields continued to soften (-2.6% YoY) for the eighth consecutive month, despite relatively stable month-on-month rates (-0.4%). Source: IATA.com | | Chart 1 – Industry CTK (in billion) https://www.craneww.com/site/assets/files/4402/marketupdate_air_february_2026.pdf?utm_source=openai • Brussels Airport handles 63,050 tonnes of cargo in February https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai • Brussels Airport reports strong start to 2026 with passenger and cargo growth - Aviation24.be https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai • Liège Airport Posts 14 % Cargo Surge, Doubling Down on ‘Freighters First’ Strategy https://www.visahq.com/news/2026-01-09/be/lige-airport-posts-14-cargo-surge-doubling-down-on-freighters-first-strategy/?utm_source=openai • Global Demand Momentum: Air cargo demand (CTK) increased 4.3% YoY, reflecting resilient and targeted freight flows concentrated in specific regions and trade lanes rather than a broad-based global trade acceleration. Regional Performance Divergence: International CTK rose 5.5% YoY, led by Asia Pacific (+10.7%) and Africa (+10.1%), the only regions achieving double-digit growth, while the Americas experienced contraction. Capacity & Load Factors: Global cargo capacity (ACTK) expanded 4.5% YoY, with load factors stable at 47.1%, indicating disciplined fleet deployment and uneven capacity absorption across markets. Fuel & Yield Trends: Jet fuel prices declined 3.1% YoY (ninth annual drop in 2025), narrowing the Brent–jet fuel crack to USD 23.9; however, cargo yields continued to soften (-2.6% YoY) for the eighth consecutive month, despite relatively stable month-on-month rates (-0.4%). https://www.craneww.com/site/assets/files/4402/marketupdate_air_february_2026.pdf?utm_source=openai • Brussels Airport handles 63,050 tonnes of cargo in February https://caasint.com/brussels-airport-handles-63050-tonnes-of-cargo-in-february/?utm_source=openai • Brussels Airport reports strong start to 2026 with passenger and cargo growth - Aviation24.be https://www.aviation24.be/airports/brussels-airport-bru/brussels-airport-reports-strong-start-to-2026-with-passenger-and-cargo-growth/amp/?utm_source=openai • Medicinal & pharma products: €221 billion trade surplus - News articles - Eurostat https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai • Medicinal & pharma products: €221 billion trade surplus - News articles - Eurostat https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai • Section VI — PRODUCTS OF THE CHEMICAL OR ALLIED INDUSTRIES -Extra-EU Trade by Sector https://www.thetradehub.eu/en/market/sector/06?utm_source=openai • EU trade in goods surplus down to €128 billion in 2025 - News articles - Eurostat https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260326-4?utm_source=openai • EU Agri-food Trade Hits New Records in 2025 - Agriculture and rural development https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai • EU Agri-food Trade Hits New Records in 2025 - Agriculture and rural development https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai • EU Agri-food Trade Hits New Records in 2025 - Agriculture and rural development https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai • EU agri-food trade surplus reaches highest level in over a year https://2eu.brussels/en/news/eu-agri-food-trade-surplus-reaches-highest-level-in-over-a-year?utm_source=openai • In 2025, the EU exported €366.2 billion worth of medicinal and pharmaceutical products and imported €145.7 billion, resulting in a record trade surplus of €220.5 billion. https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai • 'Cause for concern': Belgian pharma sector braces for Trump's new tariffs https://www.reddit.com/r/Belgium2/comments/1jw16bv?utm_source=openai • Belgium’s Top Exports 2025 https://www.worldstopexports.com/belgiums-top-exports/?utm_source=openai • Belgium Exports: NC: HS: Chemical Products | Economic Indicators | CEIC https://www.ceicdata.com/en/belgium/exports-national-concept-by-harmonised-system/exports-nc-hs-chemical-products?utm_source=openai • Import/export of goods | Flanders.be https://www.vlaanderen.be/en/statistics-flanders/foreign-trade/import-export-of-goods?utm_source=openai • Despite slight decline in 2025, Flemish export remains historically high | Flanders Investment & Trade https://corporate.flandersinvestmentandtrade.com/en/news/despite-slight-decline-2025-flandish-export-remains-historically-high?utm_source=openai • 2025 FLANDERS TRADE FIGURES https://export.flandersinvestmentandtrade.com/sites/fit_domains/files/2026-03/export-data-2025-one-pager-english-version.pdf?utm_source=openai • Medicinal & pharma products: €221 billion trade surplus - News articles - Eurostat https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai • EU Agri-food Trade Hits New Records in 2025 - Agriculture and rural development https://agriculture.ec.europa.eu/media/news/eu-agri-food-trade-hits-new-records-2025-2026-03-13_en?utm_source=openai • Belgium’s Top Exports 2025 https://www.worldstopexports.com/belgiums-top-exports/?utm_source=openai • Medicinal & pharma products: €221 billion trade surplus - News articles - Eurostat https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260413-1?utm_source=openai • The Red Sea Shipping Crisis (2024–2025): Houthi Attacks and Global Trade Disruption | Atlas Institute for International Affairs https://atlasinstitute.org/the-red-sea-shipping-crisis-2024-2025-houthi-attacks-and-global-trade-disruption/?utm_source=openai