The International Air Transport Association (IATA) released data for September 2025 global air cargo markets showing:
- Total demand, measured in cargo tonne-kilometers (CTK), rose by 2.9% compared to September 2024 levels (+3.2% for international operations).
- Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 3.0% compared to September 2024 (+4.4% for international operations).
“Air cargo demand grew 2.9% year-on-year in September, marking the seventh consecutive month of overall growth. Buried in that growth is a significant alteration of trade patterns as US tariff policies, including the ending of de minimis exemptions, kick in. On one side of the equation, a decline in North America-Asia demand has set in over the last five months. But this has been more than compensated for with strong growth within Asia and on routes linking Asia to Europe, Africa and the Middle East. While many had feared an unwinding of global trade, we are instead seeing air cargo adapting successfully to serve shifting market demands,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
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- The global goods trade grew by 7% year-on-year in August.
- Jet fuel prices rose 5.4% in September despite lower oil prices, driven by a tighter diesel market, which doubled the crack spread year-on-year.
- Global manufacturing sentiment strengthened in September, with the PMI rising for the second straight month to reach 51.3. New export orders improved slightly to 49.6 but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.
Air Cargo Market in Detail
| September 2025 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
|---|---|---|---|---|---|
| Total Market | 100% | 2.9% | 3.0% | 0.0% | 45.7% |
| Africa | 2.0% | 14.7% | 7.4% | 2.8% | 44.4% |
| Asia-Pacific | 34.3% | 6.8% | 4.8% | 0.9% | 49.3% |
| Europe | 21.5% | 2.5% | 4.4% | -0.9% | 51.3% |
| Latin America and the Caribbean | 2.9% | -2.2% | 3.1% | -1.9% | 35.2% |
| Middle East | 13.6% | 0.6% | 5.5% | -2.2% | 45.4% |
| North America | 25.7% | -1.2% | -1.5% | 0.1% | 39.4% |
(*1) % of industry CTKs in 2024 (*2) Year-on-year change in load factor (*3) Load factor level
September Regional Performance
Asia-Pacific airlines saw a 6.8% year-on-year growth in air cargo demand in September. Capacity increased by 4.8% year-on-year.
North American carriers saw a 1.2% year-on-year decrease in growth for air cargo in September. Capacity decreased by 1.5% year-on-year.
European carriers saw a 2.5% year-on-year increase in demand for air cargo in September. Capacity increased 4.4% year-on-year.
Middle Eastern carriers saw a 0.6% year-on-year increase in demand for air cargo in September. Capacity increased by 5.5% year-on-year.
Latin American carriers saw a 2.2% year-on-year decrease in demand for air cargo in September, the slowest growth of all regions. Capacity increased by 3.1% year-on-year.
African airlines saw a 14.7% year-on-year increase in demand for air cargo in September, the strongest rise of all regions. Capacity increased by 7.4% year-on-year.
Trade Lane Growth
Air freight volumes in September 2025 increased across most major trade corridors. Europe–Asia and Within Asia posted robust double-digit growth, while Middle East–Asia, North America-Europe, and Africa-Asia also saw notable gains. In contrast, Asia–North America, Middle East–Europe, and within Europe recorded declines.
| Trade Lane | YoY growth | Notes | Market share of industry* |
|---|---|---|---|
| Asia-North America | -3.5% | 5 consecutive months of decline | 24.4% |
| Europe-Asia | +12.4% | 31 consecutive months of growth | 20.5% |
| Middle East-Europe | -4.6% | 2 consecutive months of decline | 5.7% |
| Middle East-Asia | +4.6% | 7 consecutive months of growth | 7.4% |
| Within Asia | +10.0% | 23 consecutive months of growth | 7.0% |
| Within Europe | -1.1% | 2 consecutive months of decline | 2.0% |
| North America-Europe | +2.6% | 20 consecutive months of growth | 13.3% |
| Africa-Asia | +9.6% | 3 consecutive months of growth | 1.4% |
*Share is based on full-year 2024 CTKs.
