Air Cargo Demand Maintains Strong Momentum, up 5.5% in November 2025

8 January 2026   No. 1

Geneva – The International Air Transport Association (IATA) released data for November 2025 global air cargo markets showing:

• Total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5% compared to November 2024 levels (+6.9% for international operations).
• Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.7% compared to November 2024 (+6.5% for international operations).

“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.

Several factors in the operating environment should be noted:

• The global goods trade grew by 3.2% year-on-year in October.
• Jet fuel prices rose 5.9% in November despite falling crude prices, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity, pushing crack spreads close to double last year’s levels.
• Global manufacturing sentiment strengthened in November, with the PMI rising for the fourth consecutive month to reach 51.17. New export orders improved slightly to 49.87, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.

Air cargo market in detail – November 2025

November 2025

(% year-on-year)             World share1     CTK        ACTK     CLF (%-pt)           CLF (level)

Total Market      100%     5.5%      4.7%      0.4%      49.1%

Africa    2.0%      15.6%    18.1%    -0.9%     44.2%

Asia Pacific          34.3%    10.3%    8.4%      0.9%      50.2%

Europe 21.5%    5.8%      4.1%      0.9%      57.9%

Latin America and Caribbean      2.9%      -4.8%     -3.0%     -0.7%     39.6%

Middle East        13.6%    7.4%      11.0%    -1.6%     47.8%

North America  25.7%    -1.6%     -2.3%     0.3%      44.1%

1% of industry CTKs in 2024

November Regional Performance

Asia-Pacific airlines saw a 10.3% year-on-year growth in air cargo demand in November. Capacity increased by 8.4% year-on-year.

North American carriers saw a 1.6% year-on-year decrease in growth for air cargo in November. Capacity decreased by 2.3% year-on-year.

European carriers saw a 5.8% year-on-year increase in demand for air cargo in November. Capacity increased 4.1% year-on-year.

Middle Eastern carriers saw a 7.4% year-on-year increase in demand for air cargo in November. Capacity increased by 11.0% year-on-year.

Latin American and Caribbean carriers saw a 4.8% year-on-year decrease in demand for air cargo in November, the weakest performance of all regions. Capacity decreased by 3.0% year-on-year.

African airlines saw a 15.6% year-on-year increase in demand for air cargo in November, the strongest rise of all regions. Capacity increased by 18.1% year-on-year.

Trade Lane Growth

Air freight volumes in November 2025 increased across all major trade corridors.

 

Trade Lane          YOY Growth       Notes    Market Share of Industry*

Asia-North America        +1.8%    1 month of growth          24.6%

Europe-Asia       +11.7% 33 consecutive months of growth            20.4%

Middle East-Europe        +5.4%    1 month of growth          5.6%

Middle East-Asia              +11.1% 9 consecutive months of growth               7.3%

Within Asia         +15.8% 25 consecutive months of growth            7.0%

Within Europe   -4.9%     4 consecutive months of decline               2.0%

North America-Europe  +5.0%    22 consecutive months of growth            13.3%

Africa-Asia          +9.5%    5 consecutive months of growth               1.4%