May Air Cargo Demand Up 2.2% Despite Trade Disruptions

The International Air Transport Association (IATA) released data for May 2025 global air cargo markets showing total demand, measured in cargo tonne-kilometers (CTK), rose by 2.2% compared to May 2024 levels (+3.0% for international operations).

In addition, capacity, measured in available cargo tonne-kilometers (ACTK), increased by 2.0% compared to May 2024 (+2.6% for international operations).

“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,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted:

•   Year-on-year, world industrial production rose 2.6% in April 2025. Air cargo volumes grew 6.8% over the same period, outpacing global goods trade growth of 3.8%.

•   Jet fuel prices in May 2025 were 18.8% lower than the previous year and 4.3% below the previous month.

•   Global manufacturing contracted in May, with the PMI falling to 49.1, below the 50 mark that signals growth. New export orders also remained in negative territory at 48, reflecting pressure from recent U.S. trade policy changes.

Air cargo market in detail - May 2025

May 2025 (% year-on-year)	World share1	CTK	ACTK	CLF (%-pt)	CLF (level)
Total Market	100%	2.2%	2.0%	0.1%	44.5%
Africa	2.0%	-2.1%	2.7%	-2.0%	42.2%
Asia Pacific	34.2%	8.3%	5.7%	1.1%	46.1%
Europe	21.5%	1.6%	1.5%	0%	51.8%
Latin America	2.9%	3.1%	3.5%	-0.2%	36.1%
Middle East	13.6%	3.6%	4.2%	-0.3%	46.3%
North America	25.8%	-5.8%	-3.2%	-1.1%	38.2%

1% of industry CTKs in 2024

May Regional Performance

Asia-Pacific airlines saw 8.3% year-on-year demand growth for air cargo in May, the strongest growth of all regions. Capacity increased by 5.7% year-on-year.

North American carriers saw a -5.8% year-on-year decrease in growth for air cargo in May, the slowest growth of all regions. Capacity decreased by -3.2% year-on-year.

European carriers saw 1.6% year-on-year demand growth for air cargo in May. Capacity increased 1.5% year-on-year.
Middle Eastern carriers saw 3.6% year-on-year increase in demand for air cargo in May. Capacity increased by 4.2% year-on-year.

Latin American carriers saw a 3.1% year-on-year increase in demand growth for air cargo in May. Capacity increased 3.5% year-on-year.

African airlines saw a 2.1% year-on-year decrease in demand for air cargo in May. Capacity increased by 2.7% year-on-year.

Trade Lane Growth: A significant decrease in the Asia-North America trade lane was expected and realized as the effect of front-loading faded (moving goods to market in advance of tariffs coming into effect) and changes to the de-minimis exemption on small package shipments (particularly those associated with e-commerce) were enforced. As cargo flows reorganized, several route areas responded with surprising growth.

Trade Lane	YOY Growth	Notes	Market Share of Industry*
Asia-North America	-10.7%	N/A	24.4%
Europe-Asia	+13.4%	27 consecutive months of growth	20.5%
Middle East-Europe	-0.9%	N/A	5.7%
Middle East-Asia	+10.8%	3 consecutive months of growth	7.3%
Within Asia	+9.1%	19 consecutive months of growth	7.0%
North America-Europe	+8.2%	16 consecutive months of growth	13.3%
Africa-Asia	-14.6%	N/A	1.4%