Air Cargo Demand Grows 4.4% in March

    April 29, 2025
    otal demand, measured in cargo tonne-kilometers (CTK), increased by 4.4% compared to March 2024 levels (+5.5% for international operations), a historic peak for March. 
    IATA
    6810d81c6074bf52282783ed Iata 11498654

    The International Air Transport Association (IATA) released data for March 2025 global air cargo markets showing total demand, measured in cargo tonne-kilometers (CTK), increased by 4.4% compared to March 2024 levels, a historic peak for March.

    In addition, capacity, measured in available cargo tonne-kilometers (ACTK), expanded by 4.3% compared to March 2024 (+6.1% for international operations). 

    “March cargo volumes were strong. It is possible that this is partly a front-loading of demand as some businesses tried to beat the well-telegraphed 2 April tariff announcement by the Trump Administration," said Willie Walsh, IATA’s Director General.

    "The uncertainty over how much of the 2 April proposals will be implemented may eventually weigh on trade. In the meantime, the lower fuel costs - which are also a result of the same uncertainty - are a short-term positive factor for air cargo. 

    "And, within the temporary pause on implementation we hope that political leaders will be able to shift trade tensions to reliable agreements that can restore confidence in global supply chains." 

    Several factors in the operating environment should be noted:

    •    March volumes typically rise after a lull in February, and this single-digit increase is in line with pre-COVID growth trends. 

    •    Jet fuel prices dropped 17.3% year-on-year, marking nine straight months of year-on-year declines.

    •    The sharp rise in US tariffs and new trade rules, especially the 2 May ban on duty-free imports from China and Hong Kong, may have prompted companies and buyers to make purchases in advance to avoid significant import fees.  

    •    World industrial output grew 3.2% year-on-year, and trade volumes expanded 2.9%. Many key Consumer Price Inflation (CPI) indices fell: US inflation was 2.4%, down 0.4 points from February, EU CPI was 2.5% and Japan’s rate fell 0.1% to 3.6%. China remains in deflation but this eased to -0.1%.
     

    Air cargo market in detail - March 2025
     
    March 2025
    (% year-on-year)    		 World share1 CTK ACTK CLF (%-pt) CLF (level)
    Total Market 100% 4.4% 4.3% 0.0% 47.5%
    Africa 2.0% -13.4% 10.8% -10.4% 37.1%
    Asia Pacific 34.2% 9.3% 7.6% 0.8% 48.6%
    Europe 21.5% 4.4% 2.8% 0.9% 59.6%
    Latin America 2.9% 5.6% 5.2% 0.1% 39.5%
    Middle East 13.6% -3.3% 0.9% -2.0% 47.6%
    North America 25.8% 3.7% 2.6% 0.5% 40.7%

    1% of industry CTKs in 2024

    March Regional Performance

    Asia-Pacific airlines saw 9.6% year-on-year demand growth for air cargo in March, the strongest growth among the regions. Capacity increased by 11.3% year-on-year. 

    North American carriers saw a 9.5% year-on-year increase in demand growth for air cargo in March. Capacity increased by 6.1% year-on-year.

    European carriers saw a 4.5% year-on-year increase in demand growth for air cargo in March. Capacity increased 2.0% year-on-year.

    Middle Eastern carriers saw a -3.2% year-on-year decrease in demand growth for air cargo in March. Capacity increased by 0.8% year-on-year. It’s possible the weakness in this market is due to year-on-year comparison with the strong growth at the start of 2024 resulting from disruption to Red Sea maritime freight.

    Latin American carriers saw 5.8% year-on-year demand growth for air cargo in March. Capacity increased 4.7% year-on-year.

    African airlines saw a -13.4% year-on-year decrease in demand for air cargo in March, the slowest among the regions. Capacity increased by 10.5% year-on-year.  

    Trade Lane Growth: The Europe-North America route was the busiest trade lane in March. The largest trade lane by market share, Asia-North America, also grew strongly, possibly encouraged by front-loading shipments ahead of potential increased tariffs. Europe-Middle East and Africa-Asia were the only trade lanes to decline in March. 
      Trade Lane YOY Growth Notes Market Share of Industry*  
      Asia-North America +7.3% This route has resumed growth after a revised fall of 0.5% in February 24.4%  
      Europe-Asia +8.3% 25 consecutive months of growth 20.5%  
      Middle East-Europe -7.5% N/A 5.7%  
      Middle East-Asia +2.9% N/A 7.3%  
      Within Asia +5.5% 17 consecutive months of growth 7.0%  
      Europe-North America +8.5% 14 consecutive months of growth 13.3%  
      Africa-Asia -40.2% 4 consecutive months of decline  1.4%  
      Within Europe -5.2% N/A 2.0%  

    *Share is based on full-year 2024 CTKs.