Global air cargo demand rises 5.5% in November despite regional imbalances

Global air cargo markets delivered solid growth in November 2025, even as performance varied widely across regions, according to the International Air Transport Association (IATA). Supported by peak-season shipments and stronger activity in emerging markets, total demand measured in cargo tonne-kilometres (CTK) increased by 5.5% compared with November last year.

IATA noted that the recovery remained uneven, with growth concentrated in select regions. Emerging markets continued to outperform, while traditionally large markets in the Americas showed ongoing weakness. “The market is being shaped by strong regional demand pockets and selective growth in the Middle East, offsetting softness elsewhere,” the association said.

Africa led global growth for the month, posting a robust 15.6% year-on-year increase. Asia-Pacific carriers followed with a 10.3% rise in demand, underpinned by expanding e-commerce activity and healthy intra-regional trade. Middle Eastern airlines recorded a 7.4% increase in cargo volumes, supported by sustained demand along the Europe–Asia trade corridor.

European carriers also reported steady progress, with cargo demand expanding by 5.8%, driven by stronger trade links with Asia and North America.

On the supply side, global air cargo capacity, measured in available cargo tonne-kilometres (ACTK), grew by 4.7% year on year. This supported a cargo load factor of 49.1%, up 0.4 percentage points from November 2024. IATA said the capacity growth reflected strategic fleet deployment decisions aimed at matching demand trends across key markets.

Cost pressures, however, remained a concern. Jet fuel prices rose for the third consecutive month, increasing 5.9% year on year. Cargo yields continued to soften on an annual basis, declining 2.9% compared with last year. Despite this, yields rebounded strongly on a month-on-month basis, rising 8.2% — the sharpest monthly increase since December 2021 — driven by peak-season demand.

Broader trade indicators also showed improvement. Global goods trade expanded by 3.2% year on year in October, while manufacturing sentiment strengthened further in November. The global PMI rose for the fourth straight month to 51.17, signalling expansion, although new export orders edged up only slightly to 49.87, remaining below the growth threshold amid continued uncertainty around tariffs.