Global air cargo demand rose 5.5% year-on-year in November 2025, boosted by the holiday season. IATA data shows international operations grew 6.9%, with strong performance in Africa and Asia-Pacific, despite declines in the Americas.
Global air cargo demand maintained strong momentum in November 2025 with a 5.5 per cent increase compared to the previous year. According to a press release from the International Air Transport Association (IATA), total demand measured in cargo tonne-kilometers rose as shippers prioritized timely delivery for the year-end holiday season.
International operations specifically saw a higher growth rate of 6.9 per cent. Global capacity, measured in available cargo tonne-kilometers (ACTK), also grew by 4.7 per cent during the same period.
Strong End to 2025 Boosts Air Cargo Outlook
“Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritizing 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,” said Willie Walsh, IATA’s Director General.
Key Economic Factors
Several economic factors influenced the operating environment during the month. Global goods trade grew by 2 per cent year-on-year in October, while manufacturing sentiment strengthened in November as the Purchasing Managers’ Index rose to 51.17. However, jet fuel prices increased by 5.9 per cent “despite falling crude prices, driven by refinery disruptions”. New export orders improved slightly to 49.87 but stayed below the expansion threshold, reflecting caution regarding tariff uncertainties.
Varied Regional Performance
Regional performance varied significantly across the globe. African airlines reported the strongest growth with a 15.6 per cent increase in demand, while Asia-Pacific carriers followed with a 10.3 per cent rise. European and Middle Eastern carriers also saw gains of 5.8 per cent and 7.4 per cent, respectively. In contrast, North American carriers experienced a 1.6 per cent decrease in demand, and Latin American and Caribbean carriers saw a 4.8 per cent decline, representing the weakest performance among all regions.
Trade Lane Activity and Load Factor
Trade lane data showed robust activity within Asia, which grew by 15.8 per cent, marking 25 consecutive months of growth. The Europe-Asia route also maintained a long-term growth trend of 33 consecutive months with an 11.7 per cent increase. The North America-Europe corridor grew by 5 per cent. Conversely, traffic within Europe fell by 4.9 per cent, marking its fourth consecutive month of decline. Despite these regional variations, the overall global market maintained a load factor level of 49.1 per cent.
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