Global air cargo markets ended 2025 on a high note, with demand rising 5.5% year-on-year in November as shippers focused on speed to meet the year-end holiday rush, according to the International Air Transport Association (IATA).
Measured in cargo tonne-kilometres (CTK), total demand rose 5.5% compared with November 2024, while international operations saw even stronger growth of 6.9%. Available cargo capacity increased 4.7% year-on-year, including a 6.5% expansion in international capacity.
Willie Walsh, IATA’s director general, said, “Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritising timely delivery in the lead-up to the year-end holiday season. Strong emerging market demand and selective Middle Eastern growth more than made up for softness in the Americas amid ongoing adjustment to the new US tariff regime. Globally, the fourth quarter for air cargo was resilient as strategic re-routing of trade shaped performance across key markets. The strong end for 2025 bodes well for the air cargo industry as it enters the new year.”
Global Operating Factors
Several global developments shaped air cargo performance during November:
• Global goods trade expanded by 3.2% year-on-year in October.
• Jet fuel prices increased 5.9% despite falling crude oil costs, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity.
• Manufacturing sentiment strengthened, with the Purchasing Managers’ Index (PMI) rising for the fourth consecutive month to 51.17. New export orders improved slightly to 49.87, remaining just below the 50-point expansion threshold.
Regional Cargo Performance
Air cargo growth varied across regions, reflecting global trade dynamics:
• Asia-Pacific airlines led with a 10.3% year-on-year demand increase, while capacity rose 8.4%.
• Europe recorded a 5.8% increase in demand, with capacity up 4.1%.
• Middle East carriers saw demand grow 7.4%, supported by an 11.0% expansion in capacity.
• North America experienced a modest 1.6% decline in demand and a 2.3% drop in capacity.
• Latin America and the Caribbean posted the weakest results, with demand down 4.8% and capacity falling 3.0%.
• Africa outperformed globally, with airlines posting a 15.6% increase in demand and 18.1% growth in capacity.
Trade Lanes Show Broad-Based Growth
Most major trade corridors recorded strong gains in November 2025:
• Europe–Asia: +11.7%
• Middle East–Asia: +11.1%
• Within Asia: +15.8%
• North America–Europe: +5.0%, marking 22 consecutive months of growth.
• Africa–Asia: +9.5%, continuing a five-month growth streak despite representing a smaller share of global volumes.
The only trade lane to record a decline was within Europe, which fell 4.9% for the fourth consecutive month.