Global air cargo demand continued its upward trajectory in November 2025, with total volumes rising 5.5% year-on-year, according to the latest data released by the International Air Transport Association (IATA). International operations recorded even stronger growth, up 6.9% compared with the same month in 2024.

 

Measured in cargo tonne-kilometres (CTK), demand outpaced capacity growth, which increased by 4.7% year-on-year globally and by 6.5% for international operations. The resulting improvement in the overall cargo load factor reflected resilient fourth-quarter performance across key markets.

 

Commenting on the results, IATA Director General Willie Walsh said demand growth was supported by shippers prioritising timely delivery ahead of the year-end holiday season. Strong emerging market demand and selective growth in the Middle East more than offset softer conditions in the Americas, where markets continue to adjust to the new US tariff regime. He added that strategic re-routing of trade helped underpin a resilient end to 2025 for the air cargo sector.

 

The broader operating environment showed mixed signals. Global goods trade expanded by 3.2% year-on-year in October, while global manufacturing sentiment strengthened further in November, with the purchasing managers’ index rising for the fourth consecutive month to 51.17. New export orders improved slightly to 49.87 but remained below the expansion threshold, reflecting ongoing caution linked to tariff uncertainty. Meanwhile, 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.

 

Regionally, African airlines recorded the strongest performance, with demand rising 15.6% year-on-year, supported by an 18.1% increase in capacity. Asia-Pacific carriers also delivered robust growth, with demand up 10.3% and capacity increasing 8.4%. European airlines saw demand rise by 5.8% alongside a 4.1% capacity increase.

 

Middle Eastern carriers reported a 7.4% increase in demand, although capacity grew faster at 11.0%. By contrast, North American carriers experienced a 1.6% decline in demand, with capacity down 2.3%, while Latin American and Caribbean airlines recorded the weakest regional performance, with demand falling 4.8% year-on-year.

 

Across major trade lanes, air freight volumes increased on most corridors. Europe–Asia traffic grew 11.7%, marking 33 consecutive months of expansion, while Within Asia traffic rose 15.8%, extending a 25-month growth streak. Middle East–Asia volumes increased by 11.1%, and Africa–Asia by 9.5%. North America–Europe traffic grew 5.0%, while Asia–North America recorded modest growth of 1.8%. Within Europe was the only corridor to decline, down 4.9% for a fourth consecutive month.

 

The November results capped a resilient fourth quarter for air cargo, with IATA noting that the strong finish to 2025 provides a positive foundation for the industry as it enters the new year.