Global Air Cargo Demand Rises 6% in May: IATA

Global air cargo demand continued expanding in May despite geopolitical disruptions and supply chain uncertainty, with total cargo tonne-kilometers (CTKs) increasing 6.0% year over year, according to the International Air Transport Association. Capacity grew at a slower 1.9%, tightening market conditions and supporting higher cargo yields. The latest figures indicate that airlines continue adapting networks to shifting trade flows while maintaining freight growth across most major markets.

International cargo demand increased 6.5% compared with May 2025, while the global cargo load factor rose 1.8 percentage points to 46.3%. Europe posted the highest regional load factor at 53.9%, reflecting continued strength on long-haul trade routes.

“Air cargo demand grew 6% year-on-year in May, with Africa, Asia-Pacific, Europe, and North American regions all reporting above-trend growth. Carriers in the Middle East, however, reported a combined contraction of 8.9% year-on-year as war-related impacts continued,” said Willie Walsh, IATA’s Director General.

Walsh said the industry’s outlook remains supported by favorable macroeconomic indicators despite continued operational challenges.

“May’s strong performance, coupled with macroeconomic factors, gives cautious optimism for air cargo’s prospects over the remainder of the year. Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply chain needs. Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It’s still a challenging year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear.”

Global trade expanded 5.0% year over year in May, extending 25 consecutive months of annual growth. Manufacturing activity also remained supportive, with the Global Manufacturing Output Purchasing Managers’ Index rising to 53.5. However, the New Export Orders Index remained below the expansion threshold at 49.6, suggesting cargo growth continues to be driven by selected trade corridors rather than broad-based export expansion.

Regional performance remained uneven. African airlines recorded the strongest increase in cargo demand, with CTKs rising 13.3% year over year while capacity increased 1.3%. North American carriers followed with 10.5% demand growth and a 2.4% increase in capacity. Asia-Pacific airlines reported an 8.0% increase in demand supported by a 5.1% capacity expansion, while European carriers posted 6.7% growth with capacity increasing 2.2%.

By contrast, Middle Eastern carriers remained under pressure. Cargo demand declined 8.9% year over year while capacity fell 9.2% as airlines continued rerouting flights around restricted airspace affected by the regional conflict. Latin American and Caribbean airlines reported more modest growth, with demand increasing 1.9% while capacity expanded 5.6%.

Trade lanes linked to Asia continued driving global cargo activity. The Asia–North America corridor expanded 19.9%, marking its fourth consecutive month of growth under IATA’s standard reporting. Africa–Asia traffic increased 14.1%, extending an 11-month expansion streak, while Europe–Asia volumes grew 10.0%, reaching 39 consecutive months of growth. Intra-European cargo rose 11.5%.

Trade routes directly connected to the Middle East continued contracting. Europe–Middle East traffic declined 19.8%, while Middle East–Asia volumes fell 16.5%.

Dedicated freighter aircraft remained the primary source of industry growth. Freighter volumes increased 7.0% year over year as airlines relied more heavily on controlled cargo capacity amid operational uncertainty. Passenger belly cargo remained relatively flat as disruptions to international passenger networks limited available freight capacity on several long-haul routes.

Europe–Asia generated the largest increase in dedicated freighter traffic, adding more than 409 million cargo tonne-kilometers. Asia–North America also maintained strong momentum as trans-Pacific freight volumes continued to recover. Within Asia, passenger belly cargo contributed more significantly to growth as regional passenger networks expanded.

Fuel markets remained a source of cost pressure. Although jet fuel prices declined 16.3% from April, they remained 93.5% higher than a year earlier. Elevated energy prices contributed to higher cargo yields, which increased 32.2% year over year and 17.8% month over month in US dollar terms, as tighter capacity and rerouting continued affecting international logistics.

Mexico’s air cargo market mirrored the broader global expansion. Between January and April 2026, Mexican airports handled 403,069.2 metric tons of cargo, a 6.4% increase from the same period in 2025. International cargo volumes grew 9.1%, driven primarily by Felipe Ángeles International Airport and Guadalajara, while total cargo handled in April reached 102,076.1 metric tons, up 5.8% year over year.