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Global air cargo demand rose 5.5% year-on-year in November 2025, outpacing October’s 4.1% growth
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Seasonally adjusted volumes increased 5.3% YoY, accelerating from October’s 3.6%.
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Year-to-date growth through November stood at 3.3%, showing resilience in international freight
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IATA director general Willie Walsh said the demand was boosted by shippers prioritizing timely deliveries ahead of the holidays
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Asia-Pacific and Africa led regional growth, while the Americas lagged
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Capacity expanded 4.7% YoY, with international operations up 6.5%
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Global goods trade grew 2% YoY in October; manufacturing sentiment strengthened with PMI at 51.17
Global air cargo saw a 5.5% year on year (YoY) increase in November 2025, keeping the uptrend and beating October’s record 4.1% growth, according to data from the International Air Transport Association (IATA).
Seasonally adjusted volumes rose by 5.3% YoY, accelerating from 3.6% in October, while year-to-date figures through November show a 3.3% gain, underscoring continued resilience in international air freight, IATA notes in its latest Air Cargo Market Analysis.
“Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritizing timely delivery in the lead-up to the year-end holiday season,” said Willie Walsh, IATA director general.
Capacity, meanwhile, increased by 4.7% compared to November 2024 (+6.5% for international operations).
“Strong emerging market demand and selective Middle Eastern growth more than made-up for softness in the Americas amid ongoing adjustment to the new US tariff regime,” Walsh said.
Beyond aviation-specific factors, the operating environment was supported by a 2% year-on-year expansion in global goods trade in October.
READ: Oct 2025 air cargo demand sets new record, up 4.1%
Manufacturing sentiment also strengthened in November, with the global Purchasing Managers’ Index rising for the fourth consecutive month to 51.17, signaling expansion.
New export orders edged up to 49.87 but remained below the 50-point threshold, reflecting continued caution among manufacturers amid lingering tariff uncertainty.
Regional performance in November showed divergent trends.
Asia-Pacific airlines recorded a 10.3% year-on-year increase in air cargo demand, with capacity rising 8.4%. European carriers also posted 5.8% growth in demand alongside a 4.1% increase in capacity, while Middle Eastern carriers saw demand rise 7.4% year on year, outpacing a capacity increase of 11.0%.
In contrast, North American carriers reported a 1.6% YoY decline in demand, with capacity down 2.3%, reflecting softer conditions as markets adjusted to changes in the US tariff regime. Latin American and Caribbean airlines posted the weakest performance, with demand falling 4.8% and capacity declining 3.0%.
African airlines delivered the strongest growth globally, with air cargo demand surging 15.6% year-on-year in November, supported by an 18.1% expansion in capacity.
“Globally, the fourth quarter for air cargo was resilient as strategic re-routing of trade shaped performance across key markets. The strong end for 2025 bodes well for the air cargo industry as it enters the new year,” Walsh said.
