IATA Reports Continued Air Cargo Growth in November 2025 Despite Regional Headwinds

International Air Transport Association (IATA) reported continued growth in global air cargo markets in November 2025, driven by seasonal demand and resilient trade flows despite regional headwinds.

Total cargo demand, measured in cargo tonne-kilometers (CTK), increased 5.5 percent year on year, with international operations up 6.9 percent. Available cargo capacity rose 4.7 percent compared with November 2024, including a 6.5-percent increase on international routes. Cargo load factor improved slightly, rising 0.4 percentage points to 49.1 percent.

Willie Walsh, IATA’s Director General, said the year-on-year growth reflected shippers prioritizing speed and reliability ahead of the year-end holiday season. He noted that strong emerging-market demand and selective growth in the Middle East offset weaker performance in the Americas, where operators continue to adjust to changes under the new U.S. tariff regime. Walsh added that strategic re-routing of trade supported a resilient fourth quarter, setting a positive tone for the start of 2026.

Broader operating conditions were mixed. Global goods trade grew 3.2 percent year on year in October, while jet fuel prices increased 5.9 percent in November despite lower crude prices, driven by refinery disruptions and regulatory constraints in Europe. Manufacturing sentiment improved for the fourth consecutive month, with the global PMI reaching 51.17, although new export orders remained just below expansion territory amid ongoing tariff uncertainty.

Regionally, Asia-Pacific airlines recorded the strongest demand growth among the major markets, with air cargo volumes rising 10.3 percent year on year in November, supported by an 8.4 percent increase in capacity. African carriers posted the fastest overall growth, with demand up 15.6 percent, although capacity expansion of 18.1 percent weighed on load factors.

European airlines saw demand increase 5.8 percent year on year, with capacity up 4.1 percent, while Middle Eastern carriers reported a 7.4-percent rise in demand alongside an 11.0 percent increase in capacity. North American carriers experienced a 1.6 percent decline in cargo demand, reflecting continued market adjustments, while capacity fell 2.3 percent. Latin American and Caribbean airlines recorded the weakest regional performance, with demand down 4.8 percent year on year.

Across major trade lanes, air freight volumes increased on most corridors in November. Growth remained particularly strong within Asia and on Europe–Asia and Middle East–Asia routes, while intra-European traffic continued to decline for a fourth consecutive month.