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International air cargo demand in Asia Pacific continued to expand in May 2026, supported by stockpiling activity as businesses sought to safeguard against the effects of the Middle East conflict
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Boosted by stockpiling and increased shipments of technology products, international air cargo demand grew 2.5% year-on-year to 6.778 billion freight tonne kilometres
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From January to May, demand increased 4.7% to 32.907 billion FTK, driven by the continued need for the timely movement of goods amid operational disruptions, particularly in conflict zones
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Asia Pacific carriers carried a combined total of 31.7 million international passengers in May, down 1.1%, reflecting recent adjustments to international services
International air cargo demand in Asia Pacific continued to expand in May 2026, supported by stockpiling activity as businesses sought to safeguard against potential supply disruptions and higher costs arising from the conflict in the Middle East, according to the Association of Asia Pacific Airlines (AAPA).
Boosted by stockpiling activity and increased shipments of technology products, international air cargo demand grew 2.5% year-on-year to 6.778 billion freight tonne kilometres (FTK) in May 2026, according to preliminary figures released by AAPA.
Offered freight capacity likewise expanded by 3.3% to 11.007 billion FTK, resulting in a 0.5 percentage point decline in the average international freight load factor to 61.6% for the month.
From January to May 2026, international air cargo demand increased 4.7% to 32.907 billion FTK, supported by the continued need for the timely movement of goods amidst operational disruptions particularly in conflict zones, AAPA director general Wong Hong said.
Available freight capacity also rose 4.8% year-on-year to 54.982 billion FTK for the first five months of the year.
In May, Asia Pacific carriers carried a combined total of 31.7 million international passengers, a 1.1% decline compared to the same month last year.
Demand, as measured in revenue passenger kilometres (RPK), increased by 1.8% year-on-year, reflecting relatively stronger traffic on longer-haul routes.
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As a result, the average international passenger load factor rose by 1.2 percentage points to 82%.
For the first five months of the year, Asia Pacific airlines carried a combined total of 166.8 million international passengers, representing a 3.9% increase compared to the same period in 2025.
Hong said the recent easing of tensions in the Middle East may help to alleviate some concerns over supply chain disruptions and energy costs.
“While jet fuel prices have eased from recent highs, the average price of US$137 per barrel in the first two weeks of June continues to place pressure on airline operating costs,” Hong said.
He added, “Airlines continue to face uncertainty stemming from geopolitical developments, trade policy shifts and broader economic headwinds. Rising inflationary pressures are also contributing to higher non-fuel operating costs, and may weigh on consumer spending and travel demand in the months ahead.”
Overall, Hong said operating conditions for carriers remain challenging.
“Nonetheless, Asia Pacific carriers have responded well to evolving demand patterns, and remain agile in adjusting their networks and capacity deployment to capture growth opportunities while maintaining strict cost discipline,” he said.
