Global air cargo demand rises 2.2% in May despite trade pressures
Measured in cargo tonne-kilometres (CTK), total demand rose by 2.2% compared to May 2024, with international operations up 3.0%. Available capacity, measured in available cargo tonne-kilometres (ACTK), also increased by 2.0% compared to May 2024 (+2.6% for international).
"Air cargo demand globally grew 2.2% in May. That is encouraging news, as a 10.7% 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," says Willie Walsh, Iata's director general.
Operating environment highlights
Key market conditions in May included:
• Global industrial production rose 2.6% year-on-year in April, with air cargo volumes up 6.8% over the same period, outpacing global goods trade growth of 3.8%.
• Jet fuel prices in May were 18.8% lower than a year earlier and 4.3% down month-on-month.
• Global manufacturing activity contracted, with the Purchasing Managers' Index (PMI) falling to 49.1, below the 50-mark indicating growth. New export orders remained in negative territory at 48.
Regional market performance
• Asia-Pacific airlines led the market, reporting 8.3% growth in cargo demand — the strongest of all regions. Capacity rose 5.7%.
• North American carriers recorded a -5.8% decline in demand, the weakest of all regions. Capacity fell -3.2%.
• European carriers saw a 1.6% increase in demand, with capacity up 1.5%.
• Middle Eastern airlines posted a 3.6% rise in demand and a 4.2% increase in capacity.
• Latin American airlines reported a 3.1% increase in demand, with capacity growing 3.5%.
• African airlines experienced a -2.1% decline in demand, despite a 2.7% capacity increase.
Trade lane trends
The much-anticipated decrease in the Asia-North America lane materialised, dropping -10.7% year-on-year as front-loading ahead of tariff changes ended and new de-minimis exemptions for e-commerce shipments took effect. However, other key routes recorded significant growth:
• Europe-Asia: +13.4% (27 consecutive months of growth)
• Middle East-Asia: +10.8% (third consecutive month of growth)
• Within Asia: +9.1% (19 consecutive months of growth)
• North America-Europe: +8.2% (16 consecutive months of growth)
Meanwhile, Africa-Asia traffic fell by 14.6% year-on-year.
Iata noted the resilience of the sector in managing supply chain volatility and shifting trade policies, with several trade routes demonstrating unexpected growth as cargo flows reorganised globally.
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