Geneva – The International Air Transport Association (IATA) has released data for full-year 2025 and December 2025 showing that global air cargo demand reached record levels, supported by steady growth in capacity and continued strength toward year-end.

 

For the full year 2025, demand measured in cargo tonne-kilometres (CTK) increased by 3.4% compared with 2024, with international operations recording a 4.2% increase. Available cargo tonne-kilometres (ACTK) rose by 3.7% year-on-year, including a 5.1% increase in international capacity.

 

December 2025 closed the year with continued strong performance. Global demand was 4.3% higher than in December 2024, while international demand increased by 5.5%. Global capacity grew by 4.5% year-on-year in December, with international capacity up by 6.4%.

 

IATA reported that full-year air cargo yields declined by 1.5% compared with 2024. This represented the smallest annual decline in three years, reflecting a more balanced supply-demand environment as the elevated yields seen during and after the COVID period continued to ease. Despite competitive pressures, yields remained 37.2% above 2019 levels.

 

IATA Director General Willie Walsh said air cargo delivered a strong performance in 2025, with demand growth supported by global e-commerce activity. He noted that volumes increased despite rising tariffs affecting trade with the United States, the removal of de minimis tariff exemptions, and ongoing policy uncertainty. According to Walsh, air cargo operators adapted to support global supply chains as businesses front-loaded shipments ahead of tariff changes and responded to increased demand within Asia and between Asia and Europe, while US–Asia trade stagnated.

 

Looking ahead, IATA expects air cargo growth to moderate slightly to 2.4% in 2026, broadly in line with historical trends. Walsh said future demand would continue to be influenced by trade and geopolitical developments, but reliance on air cargo to support global supply chains would remain, with carriers adjusting capacity and network structures to maintain flexibility.

 

Several elements of the operating environment were highlighted. Global trade in goods grew by 2.5% in 2024, while year-to-date growth from January to November 2025 reached 4.4%, compared with 2.4% over the same period in 2024. Jet fuel prices declined by 3.1% in December and averaged 9.1% lower in 2025 than in 2024, although higher crack spreads offset part of the cost benefit for airlines. Global manufacturing sentiment improved in December, reaching 50.9, while new export orders edged up to 49.1 but remained below the expansion threshold, indicating continued caution amid tariff uncertainty.

 

Regional performance

Asia-Pacific airlines recorded the strongest regional performance in 2025, with full-year demand growth of 8.4% and capacity up by 7.4%. In December, demand rose by 9.4% and capacity by 8.3%.

 

African airlines reported full-year demand growth of 6.0%, with capacity increasing by 7.8%. December demand rose by 10.1%, the highest among all regions, while capacity increased by 9.8%.

 

European carriers saw demand grow by 2.9% over the year, with capacity up by 3.1%. December demand increased by 4.9% and capacity by 3.9%.

 

Middle Eastern carriers recorded marginal full-year demand growth of 0.3%, while capacity expanded by 4.5%. December demand rose by 4.2%, with capacity increasing by 10.6%.

 

Latin American and Caribbean carriers achieved full-year demand growth of 2.3%, with capacity up by 4.5%. December demand declined by 4.1%, the weakest performance among regions, while capacity continued to grow.

 

North American carriers experienced a full-year demand decline of 1.3%, the only regional contraction, alongside a 1.1% reduction in capacity. December demand fell by 2.2% and capacity by 2.6%.

 

Trade lane developments

Trade lane data for 2025 indicated a shift in global air cargo flows from Asia–North America to Asia–Europe, driven by tariff pressures and the removal of the US de minimis exemption. Europe–Asia demand grew by 10.3%, while Within Asia traffic increased by 10.0%. Europe–North America demand rose by 6.8%, while Asia–North America declined by 0.8%. Strong growth was also recorded on the Middle East–Asia corridor.