The International Air Transport Association (IATA) released data for November 2025 global air cargo markets showing:that total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5 percent compared to November 2024 levels.
At the same time, capacity as measured in available cargo tonne-kilometers was up 4.7 percent from what was recorded in November 2024.
IATA director-general Willie Walsh commented: “Air cargo demand grew 5.5 percent year-on-year in November 2025, boosted by shippers prioritizing timely delivery in the lead-up to the year-end holiday season. 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. 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.”
Motivating factors
Among the notable factors contributing to this development were the way the global goods trade grew by 3.2 percent year-on-year in October; along with the 5.9 percent in jet fuel prices in mid-November despite falling crude prices, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity, pushing crack spreads close to double last year’s levels.
Another key factor was stronger manufacturing sentiment throughout November, with the PMI rising for the fourth consecutive month to reach 51.17.
New export orders improved slightly to 49.87, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.
Air cargo performance by region
- Asia-Pacific airlines saw a 10.3% year-on-year growth in air cargo demand in November. Capacity increased by 8.4% year-on-year.
- North American carriers saw a 1.6% year-on-year decrease in growth for air cargo in November. Capacity decreased by 2.3% year-on-year.
- European carriers saw a 5.8% year-on-year increase in demand for air cargo in November. Capacity increased 4.1% year-on-year.
- Middle Eastern carriers saw a 7.4% year-on-year increase in demand for air cargo in November. Capacity increased by 11.0% year-on-year.
- Latin American and Caribbean carriers saw a 4.8% year-on-year decrease in demand for air cargo in November, the weakest performance of all regions. Capacity decreased by 3.0% year-on-year.
- African airlines saw a 15.6% year-on-year increase in demand for air cargo in November, the strongest rise of all regions. Capacity increased by 18.1% year-on-year.
