Global air cargo demand rose by 2.9 per cent in September 2025 compared with the same month last year, according to figures released by the International Air Transport Association (IATA). 

At the same time, total capacity, measured in available cargo tonne-kilometres (ACTK), increased by 3 per cent year-on-year.  

For international operations, demand was up 3.2 per cent and capacity rose 4.4 per cent, keeping the global load factor steady at 45.7 per cent. 

Willie Walsh, IATA’s director general, said the figures confirmed continued resilience in the global air-cargo market, with “year-on-year demand growth of 2.9 per cent in September,” marking the seventh consecutive month of overall expansion. 

He noted that the data also reflected “a significant alteration of trade patterns as US tariff policies, including the ending of de minimis exemptions, kick in.” 

According to Walsh, while “a decline in North America-Asia demand has set in over the last five months,” this has been “more than compensated for with strong growth within Asia and on routes linking Asia to Europe, Africa and the Middle East.” 

He added that fears of a broader slowdown had so far not materialised, as “air cargo [is] adapting successfully to serve shifting market demands.” 

According to the statement, several factors influenced the operating environment.  

Global goods trade grew by 7 per cent year-on-year in August, while jet-fuel prices climbed 5.4 per cent in September despite lower oil prices, driven by a tighter diesel market that doubled the crack spread compared with a year earlier.  

Meanwhile, global manufacturing sentiment strengthened for the second consecutive month, with the Purchasing Managers’ Index (PMI) rising to 51.3. New export orders improved slightly to 49.6 but remained below the 50-point expansion threshold, reflecting continued caution amid tariff uncertainty. 

Across regions, Asia-Pacific airlines once again led global growth, with demand up 6.8 per cent year-on-year and capacity increasing 4.8 per cent, resulting in a load factor of 49.3 per cent. 

African carriers achieved the strongest overall performance, posting a 14.7 per cent rise in demand and a 7.4 per cent increase in capacity. Their load factor climbed 2.8 points to 44.4 per cent. 

In Europe, airlines recorded a 2.5 per cent rise in demand against a 4.4 per cent increase in capacity. The regional load factor stood at 51.3 per cent, the highest among all markets, despite a slight decline of 0.9 points. 

By contrast, Middle Eastern carriers reported demand up 0.6 per cent, while capacity expanded 5.5 per cent, pushing the load factor down 2.2 points to 45.4 per cent. 

In Latin America and the Caribbean, demand fell 2.2 per cent even as capacity grew 3.1 per cent, reducing the load factor to 35.2 per cent. 

North American airlines, meanwhile, posted a 1.2 per cent decline in demand and a 1.5 per cent fall in capacity, keeping the load factor broadly unchanged at 39.4 per cent. 

Air-freight volumes in September increased across most major trade corridors. Europe–Asia and Within Asia routes posted double-digit growth, while Middle East–Asia, North America–Europe and Africa–Asia also gained. 

In contrast, Asia–North America, Middle East–Europe and Within Europe recorded moderate declines. 

Europe–Asia traffic expanded 12.4 per cent year-on-year, marking 31 consecutive months of growth, while Within Asia rose 10 per cent for the 23rd straight month.  

Meanwhile, Middle East–Asia climbed 4.6 per cent, sustaining its seventh month of expansion, and Africa–Asia advanced 9.6 per cent for a third consecutive month. 

At the same time, North America–Europe volumes grew 2.6 per cent, extending a 20-month upward streak. By comparison, Asia–North America fell 3.5 per cent, Middle East–Europe declined 4.6 per cent, and Within Europe slipped 1.1 per cent.