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Global air cargo demand rose 3.4% in 2025, with international traffic up 4.2%
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Cargo capacity expanded 3.7% for the year, led by international growth of 5.1%
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December capped the year with demand up 4.3% and capacity up 4.5% year on year
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Full-year yields fell 1.5%, the smallest decline in three years, but remain well above pre-pandemic levels
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Asia-Pacific posted the strongest regional growth, while North America recorded a decline
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Trade lane flows shifted from Asia-North America toward Asia-Europe amid tariff pressures and US policy changes
Global air cargo markets delivered steady growth in 2025, with demand rising broadly in line with capacity as supply and demand moved toward a more balanced footing, according to the full-year and December performance data released by the International Air Transport Association (IATA).
For the full year, demand measured in cargo tonne-kilometers increased 3.4% compared with 2024, including a 4.2% rise in international operations. Capacity, measured in available cargo tonne-kilometers, grew 3.7% year on year, led by a 5.1% increase in international capacity.
December closed the year on a strong note, with global demand 4.3% higher than a year earlier, or 5.5% for international traffic. Global capacity rose 4.5% year on year in the month, including a 6.4% increase for international operations.
IATA noted that full-year yields declined 1.5% compared with 2024, marking the smallest annual drop in three years as markets normalized following the exceptionally strong pricing environment during and after the COVID period. Despite competitive pressures, yields remained 37.2% above 2019 levels.
“Air cargo delivered a strong performance in 2025, with demand up 3.4% year-on-year. Global e-commerce strength drove volumes, even as trading relationships with the US faced rising tariffs, the removal of de minimis tariff exemptions, and continuing policy uncertainty,” said Willie Walsh, IATA’s director general.
“Air cargo rose to the occasion. It adapted quickly to support global businesses and supply chains as they front-loaded product deliveries ahead of tariff impositions and adjusted to rising demand within Asia and between Asia and Europe as US-Asia trade stagnated,” he said.
READ: Global air cargo demand accelerates to 5.5% growth in Nov 2025
Looking ahead, Walsh said growth is expected to ease this year.
“Growth in 2026 is expected to moderate slightly to 2.4%, in line with historical trends. We can expect that demand will continue to be shaped by trade and geopolitical developments. Whatever trading patterns emerge, we can be confident that reliance on air cargo to keep global supply chains running will remain, with carriers responding to the challenge by deploying capacity and designing their networks for optimum flexibility,” he said.
IATA highlighted several operating environment factors influencing performance. Global trade in goods expanded 2.5% in 2024 and rose 4.4% year to date from January to November 2025, compared with 2.4% in the same period a year earlier.
Jet fuel prices fell 3.1% in December and averaged 9.1% lower in 2025 than in 2024, although higher refining margins offset part of the benefit for airlines.
Global manufacturing sentiment strengthened in December to 50.9, while new export orders remained below the expansion threshold at 49.1, reflecting continued caution amid tariff uncertainty.
Regional performance varied. Asia-Pacific carriers led with 8.4% demand growth, while North American airlines posted a 1.3% decline, the weakest globally. European carriers saw demand rise 2.9%, Middle Eastern carriers 0.3%, Latin American and Caribbean carriers 2.3%, and African airlines 6.0%.
December figures showed Africa with the strongest monthly growth at 10.1%, while Latin America and the Caribbean recorded the weakest at -4.1%.
IATA said 2025 trade lane data showed a clear shift in global air cargo flows away from Asia-North America toward Asia-Europe, driven by tariff pressures and the removal of the US de minimis exemption, while the Within Asia and Middle East-Asia corridors also recorded strong growth.
