Global air cargo demand maintained strong momentum in November 2025, with total volumes rising 5.5% year on year, according to new data from IATA. International demand grew even faster, up 6.9%, confirming the sector’s resilience toward the end of the year despite ongoing trade and cost pressures.
Capacity growth remained broadly aligned with demand. Available cargo tonne-kilometres (ACTK) increased by 4.7% globally and by 6.5% on international routes. As a result, the global cargo load factor improved slightly by 0.4 percentage points to 49.1%.
IATA attributed the solid performance to shippers prioritising speed and reliability ahead of the year-end holiday season. Strong emerging market demand and selective growth in the Middle East offset weaker performance in the Americas, where markets continued to adjust to the new US tariff regime. According to IATA Director General Willie Walsh, strategic re-routing of global trade flows helped underpin a resilient fourth quarter and provides a positive outlook for early 2026.
Regional performance was mixed but largely positive. Asia-Pacific carriers recorded a strong 10.3% increase in demand, supported by an 8.4% rise in capacity. European airlines saw demand grow by 5.8%, while Middle Eastern carriers posted a 7.4% increase, albeit with capacity expanding faster than demand. Africa stood out as the fastest-growing region, with demand surging 15.6%. In contrast, North America (-1.6%) and Latin America and the Caribbean (-4.8%) both reported declines in cargo demand.
Trade lane data showed growth across most major corridors. Europe–Asia volumes rose 11.7%, marking 33 consecutive months of expansion, while intra-Asia traffic climbed 15.8%. North America–Europe traffic also continued its long-running growth trend, up 5.0%. The only notable weakness was within Europe, where volumes declined by 4.9% for the fourth consecutive month.
The operating environment remained challenging. Global goods trade grew by 3.2% year on year in October, manufacturing sentiment continued to improve, and jet fuel prices rose sharply in November due to refinery constraints and regulatory factors. Despite these headwinds, November’s results confirm that air cargo entered the final weeks of 2025 on a solid footing.