Global air cargo demand saw modest growth in May 2025, according to the latest data released by the International Air Transport Association (IATA), with total traffic rising 2.2% year-on-year despite a sharp decline on the Asia-North America trade lane.
Measured in cargo tonne-kilometres (CTKs), overall demand rose 2.2% compared to May 2024, with international operations climbing 3.0%. Available capacity, measured in available cargo tonne-kilometres (ACTKs), also saw a 2.0% increase globally (+2.6% for international operations).
Willie Walsh, IATA’s director general, said: “Air cargo demand globally grew 2.2% in May. That is encouraging news as a 10.7% drop in traffic on the Asia to North America trade lane illustrated the dampening effect of shifting US trade policies.
“Even as these policies evolve, already we can see the air cargo sector’s well-tested resilience helping shippers to accommodate supply chain needs to flexibly hold back, re-route or accelerate deliveries.”
Mixed signals from market drivers
IATA pointed to several factors shaping the market environment:
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World industrial production was up 2.6% year-on-year in April 2025, while air cargo volumes rose 6.8%, outpacing global goods trade growth of 3.8%
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Jet fuel prices in May 2025 were 18.8% lower than a year earlier and down 4.3% from April
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However, global manufacturing contracted, with the Purchasing Managers’ Index (PMI) falling to 49.1, and new export orders remaining in negative territory at 48.
Regional trends show varied performance
Asia-Pacific airlines led growth with an 8.3% year-on-year increase in demand, supported by a 5.7% rise in capacity. Conversely, North American carriers saw a 5.8% drop in demand – the steepest of any region—alongside a 3.2% reduction in capacity.
Other regional highlights include:
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Europe: +1.6% demand, +1.5% capacity
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Middle East: +3.6% demand, +4.2% capacity
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Latin America: +3.1% demand, +3.5% capacity
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Africa: -2.1% demand, +2.7% capacity.
Shifting trade patterns
Trade lane dynamics continued to evolve, with the anticipated slowdown in Asia-North America volumes materializing due to the expiry of front-loading activity and the impact of tighter de-minimis rules on low-value e-commerce shipments. Despite this, other trade lanes experienced stronger-than-expected performance as cargo flows were restructured.
READ MORE NEWS: Asia-Pacific leads May global passenger demand rise, reports IATA
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