The International Air Transport Association (IATA) has reported a 2.2% year-on-year increase in global air cargo demand for May 2025, measured in cargo tonne-kilometres (CTK). International operations saw a stronger 3.0% rise during the same period.
Capacity, measured in available cargo tonne-kilometres (ACTK), also grew by 2.0% year-on-year, with international capacity rising 2.6%.
“Air cargo demand globally grew 2.2% in May. That is encouraging news, as a 10.7% drop in traffic on the Asia-North America trade lane illustrated the dampening effect of shifting US trade policies,” said Willie Walsh, IATA’s Director General. “Even as these policies evolve, the air cargo sector’s well-tested resilience is helping shippers flexibly manage supply chain needs.”
Despite global manufacturing contracting in May, with the Purchasing Managers’ Index (PMI) falling to 49.1, air cargo volumes outpaced broader economic indicators. Global industrial production rose 2.6% year-on-year in April, while air cargo volumes surged 6.8%, exceeding global goods trade growth of 3.8%.
Jet fuel prices in May were 18.8% lower year-on-year and down 4.3% from April, providing further cost relief for operators.
Regional Performance:
- Asia-Pacific airlines recorded the strongest growth, with demand up 8.3% year-on-year and capacity increasing by 5.7%.
- North American carriers saw the sharpest decline, with demand down 5.8% and capacity falling 3.2% year-on-year, reflecting trade lane adjustments due to U.S. policy changes and the fading impact of front-loading ahead of tariffs.
- European carriers posted a 1.6% year-on-year rise in demand, with capacity up 1.5%.
- Middle Eastern airlines recorded a 3.6% increase in demand and a 4.2% rise in capacity year-on-year.
- Latin American carriers saw demand grow by 3.1%, with a 3.5% increase in capacity.
- African airlines experienced a 2.1% decline in demand, although capacity rose by 2.7% year-on-year.
Trade Lane Adjustments:
The significant decline in the Asia-North America trade lane was anticipated as the effect of front-loading shipments ahead of tariff changes faded and the enforcement of changes to de minimis exemptions on small package shipments impacted flows. However, other trade routes recorded stronger-than-expected growth as shippers adjusted supply chains to manage evolving global trade conditions.
Despite challenges, IATA highlighted that air cargo continues to demonstrate resilience, supporting global trade flows amid policy shifts and macroeconomic uncertainties.
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