Air Cargo Demand Up for Seventh Straight Month

The global goods trade grew by 3.7% year-on-year in August, up for the seventh consecutive month, according to data released by the International Air Transport Association (IATA).

“Air cargo demand grew 2.9% year-on-year in September, marking the seventh consecutive month of overall growth. Buried in that growth is a significant alteration of trade patterns as U.S. tariff policies, including the ending of de minimis exemptions, kick in. On one side of the equation, a decline in North America-Asia demand has set in over the last five months. But this has been more than compensated for with strong growth within Asia and on routes linking Asia to Europe, Africa and the Middle East. While many had feared an unwinding of global trade, we are instead seeing air cargo adapting successfully to serve shifting market demands,” says Willie Walsh, IATA’s director general.

Key takeaways:

• Total demand, measured in cargo ton-kilometers (CTK), rose by 2.9% compared to September 2024 levels (+3.2% for international operations).

• Capacity, measured in available cargo ton-kilometers (ACTK), increased by 3% compared to September 2024 (+4.4% for international operations).

• Jet fuel prices rose 5.4% in September despite lower oil prices, driven by a tighter diesel market, which doubled the crack spread year-on-year.

• Global manufacturing sentiment strengthened in September, with the PMI rising for the second straight month to reach 51.3. New export orders improved slightly to 49.6 but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.

·        North American carriers saw a 1.2% year-on-year decrease in growth for air cargo in September. Capacity decreased by 1.5% year-on-year.

·        Air freight volumes in September increased across most major trade corridors. Europe–Asia and Within Asia posted robust double-digit growth, while Middle East–Asia, North America-Europe, and Africa-Asia also saw notable gains. In contrast, Asia–North America, Middle East–Europe and Within Europe recorded declines.