The International Air Transport Association (IATA) released data for May 2025 global air cargo markets showing total demand, measured in cargo tonne-kilometres (CTK), rose by 2.2 percent compared to May 2024 levels (+3.0 percent for international operations).

Capacity, measured in available cargo tonne-kilometres (ACTK), increased by 2.0 percent compared to May 2024 (+2.6 percent for international operations).

“Air cargo demand globally grew 2.2 percent in May. That is encouraging news, as a 10.7 percent drop in traffic on the Asia to North America trade lane illustrated the dampening effect of shifting US trade policies. Even as these policies evolve, already we can see the air cargo sector’s well-tested resilience helping shippers to accommodate supply chain needs to flexibly hold back, re-route or accelerate deliveries,” said Willie Walsh, IATA’s Director General.

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Year-on-year, world industrial production rose 2.6 percent in April 2025. Air cargo volumes grew 6.8 percent over the same period, outpacing global goods trade growth of 3.8 percent.

Jet fuel prices in May 2025 were 18.8 percent lower than the previous year and 4.3 percent below the previous month.

Global manufacturing contracted in May, with the PMI falling to 49.1, below the 50 mark that signals growth. New export orders also remained in negative territory at 48, reflecting pressure from recent U.S. trade policy changes.

Asia-Pacific airlines saw 8.3 percent year-on-year demand growth for air cargo in May, the strongest growth of all regions. Capacity increased by 5.7 percent year-on-year.

North American carriers saw a -5.8 percent year-on-year decrease in growth for air cargo in May, the slowest growth of all regions. Capacity decreased by -3.2 percent year-on-year.

European carriers saw 1.6 percent year-on-year demand growth for air cargo in May. Capacity increased 1.5 percent year-on-year.

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Middle Eastern carriers saw 3.6 percent year-on-year increase in demand for air cargo in May. Capacity increased by 4.2 percent year-on-year.

Latin American carriers saw a 3.1 percent year-on-year increase in demand growth for air cargo in May. Capacity increased 3.5 percent year-on-year.

African airlines saw a 2.1 percent year-on-year decrease in demand for air cargo in May. Capacity increased by 2.7 percent year-on-year.

Trade Lane Growth: A significant decrease in the Asia-North America trade lane was expected and realised as the effect of front-loading faded (moving goods to market in advance of tariffs coming into effect) and changes to the de-minimise exemption on small package shipments (particularly those associated with e-commerce) were enforced. As cargo flows reorganised, several route areas responded with surprising growth.

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