IATA: Global air cargo volumes hit record high in 2025 as e-commerce and trade shifts drive growth

Global air cargo demand reached a record volume in 2025, with full-year demand rising 3.4% year-on-year and international traffic up 4.2%, according to IATA. Capacity grew broadly in line at 3.7%, keeping the cargo load factor stable at 45.7%. December capped the year with continued momentum, as demand increased 4.3% compared with December 2024.

Growth was driven primarily by strong e-commerce demand and supply chain adjustments linked to tariffs, the removal of U.S. de minimis exemptions, and shifting trade patterns. Cargo flows increasingly moved from Asia–North America to Asia–Europe, while intra-Asia and Middle East–Asia lanes also recorded strong gains.

Yields declined just 1.5% year-on-year, the smallest drop in three years, and remain 37% above 2019 levels, reflecting a gradual return to a more balanced market. Asia-Pacific airlines led growth, while North America was the only region to see a full-year decline. IATA expects moderated growth of 2.4% in 2026, with air cargo continuing to play a critical role in global supply chain resilience despite geopolitical and trade uncertainty.