The International Air Transport Association (IATA) released its global air cargo market data for May 2026, revealing a robust six percent year-on-year increase in total demand.
Measured in cargo tonne-kilometres (CTKs), international operations performed even better, tracking a 6.5 percent rise.
This healthy growth outpaced available capacity, which grew by just 1.9 percent overall, indicating tightening capacity and improving load factors for airlines worldwide.
What's driving sectoral growth?
According to IATA, the aviation sector is showing remarkable resilience despite ongoing macroeconomic pressures, as global trade extended its 25-month streak of consecutive annual growth with afive percent year-on-year increase.
Manufacturing activity also remained supportive; the Global Manufacturing Output Purchasing Managers’ Index (PMI) rose to 53.5.
However, the New Export Orders Index slipped below the critical 50-mark to 49.6, suggesting that the current air cargo boom is being driven by specific trade flows rather than a universal surge in global exports.
Financially, airlines faced a mixed bag: whilst jet fuel prices experienced a welcome 16.3 percent month-on-month drop in May, they remained a staggering 93.5 percent higher than the previous year.
According to IATA director-general Willie Walsh: "May’s strong performance coupled with macro-economic factors give cautious optimism for air cargo’s prospects over the remainder of the year. Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply chain needs. Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It’s still a tough year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear."
Regional performance in May
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Africa: Taking the top spot, African airlines posted a stellar 13.3% year-on-year demand increase, supported by a modest 1.3% capacity growth.
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North America: Carriers here enjoyed a substantial 10.5% boost in cargo demand, whilst capacity ticked up by 2.4%.
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Asia-Pacific: Retaining the largest slice of global market share (35.8%), Asia-Pacific airlines recorded an 0.8% rise in demand against a 5.1% capacity injection.
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Europe: European operators saw demand tick up by 6.7%, with a corresponding capacity increase of 2.2%.
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Latin America and the Caribbean: Carriers in this region saw a stable 1.9% increase in demand, though capacity surged ahead by 5.6%.
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Middle East: Reflecting the ongoing conflict in the region, Middle Eastern airlines suffered an 8.9% contraction in demand and a 9.2% reduction in capacity, marking the weakest performance globally.
Performance per trade lane
Analysis of major trade lanes highlighted a widening performance gap: the powerhouse Asia-North America lane led the charge with a massive 19.9 percent year-on-year growth, marking four consecutive months of expansion.
The Africa-Asia corridor also performed brilliantly, climbing 14.1 percent to secure its 11th consecutive month of growth, while in Europe, localised trade surged by 11.5 percent, whilst Europe-Asia routes grew by ten percent.
Conversely, geopolitical tensions heavily restricted Gulf-linked corridors: the Middle East-Asia trade lane contracted by 16.5 percent, and Europe-Middle East traffic plummeted by 19.8 percent, with both lanes marking three consecutive months of decline.
As the industry navigates the second half of 2026, air cargo remains a crucial revenue driver, keeping global supply chains moving despite localized disruptions.
