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Global air cargo demand dipped in February, the first decline since mid-2023, according to the International Air Transport Association
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Measured in cargo ton kilometers, February demand slipped 0.1% year-on-year
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Rising trade tensions are a concern for air cargo, according to IATA director general Willie Walsh
Global air cargo demand dipped in February, the first decline since mid-2023, according to the International Air Transport Association (IATA).
Measured in cargo ton kilometers, demand slipped by 0.1% compared to Feb. 2024, IATA said in a statement.
Capacity, measured in available cargo ton kilometers, also decreased by 0.4% compared to Feb. 2024.
READ: Jan air cargo demand up 3.2% – IATA
IATA noted that the year-on-year comparisons are affected by the extra day last year due to the leap year.
Willie Walsh, IATA director general, said: “February saw a small contraction in air cargo demand, the first year-on-year decline since mid-2023.”
He added that much of this is explained by February 2024 being extraordinary—a leap year that was also boosted by Chinese New Year traffic, sea lane closures and a boom in e-commerce. Walsh also said that rising trade tensions are a concern for air cargo.
“With equity markets already showing their discomfort, we urge governments to focus on dialogue over tariffs,” according to Walsh.
Several factors in the operating environment should be noted: In January, the industrial production index rose 3.2% y-o-y while world trade expanded by 5%. This was the highest in two years.
Jet fuel prices averaged $94.6/barrel in February, representing a 2.1% drop from January.
Meanwhile, in February, the Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark (51.5), indicating growth.
The PMI for new export orders rose slightly to 49.60 from the previous month, remaining just shy of the 50-mark, which is the growth threshold.
Also in February, consumer inflation remained elevated in the US, Europe, and Japan, easing only slightly from the previous month. In contrast, China recorded its first decline in consumer prices in 11 months, reinforcing signs of persistent deflationary pressure in its economy.
Regionally, almost all regions experienced mixed results, albeit at different levels.
Asia-Pacific airlines had a 5.1% year-on-year demand growth for air cargo in February. Capacity increased by 2.7% y-o-y.
North American carriers had a 0.4% y-o-y slide in demand growth for air cargo in Feb, while capacity decreased 3.5% y-o-y.
As for European carriers, a 0.1% decrease in demand growth for air cargo was experienced, with capacity falling 0.2% y-o-y. Middle Eastern carriers had an 11.9% y-o-y fall in demand growth for air cargo in Feb, the slowest among the regions. Capacity fell by 4.0% y-o-y.
Latin American airlines saw a 6.0% y-o-y demand growth for air cargo, the strongest among the regions. Capacity also saw a healthy 7.6% rise y-o-y.
African carriers had a 5.7% y-o-y fall in demand for the period, with capacity decreasing by 0.6%.
The Trans-Pacific corridor stayed the busiest trade lane in Feb 2025. Intra-Asia led growth, becoming the fifth busiest. Europe–Asia and Transatlantic routes also expanded, while Middle East–Asia and European routes declined.
