Global air cargo markets recorded strong growth in February 2026, with demand rising 11.2% year-on-year, according to data released by the International Air Transport Association (IATA). International operations, which account for the majority of cargo traffic, saw a comparable increase of 11.6% in freight tonne-kilometers (CTK). Capacity, measured in available cargo tonne-kilometers (ACTK), grew by 8.5% globally (+9.8% for international flights), resulting in a modest 1.1 percentage point increase in load factors to 46.0%.
Regional performance highlights
The Asia-Pacific region led growth among major markets, with air cargo demand up 13.6% and capacity rising 10.1%. North American carriers posted a 9.4% increase in demand, with capacity growth of 5.3%, while European airlines saw a 6.9% rise in demand alongside 6.1% higher capacity. Middle Eastern carriers experienced a 16.5% surge in demand and 13.5% capacity growth, and African airlines reported the strongest regional growth at 21.0% demand and 17.3% capacity increase. Latin American and Caribbean carriers posted the weakest growth, with demand up just 0.7% and capacity increasing 4.5%.
Trade lane dynamics
February 2026 air freight volumes expanded across major trade lanes. The Africa–Asia corridor saw the highest growth, up 61.9%, continuing an eight-month expansion streak. Middle East–Asia volumes rose 24.0% year-on-year, marking 12 consecutive months of growth, while Europe–Asia continued its 36-month growth streak with a 13.1% increase. Other notable corridors included Asia–North America (+9.1%), Europe–North America (+5.7%), and intra-Asia (+9.1%).
These figures underscore the continued resilience of global air cargo despite geopolitical and operational challenges. “Air cargo demand grew 11.2% in February. Even considering the boost from Lunar New Year shipments, the month showed strong growth,” said Willie Walsh. He noted, however, that the outbreak of conflict in the Middle East at the end of February introduced significant uncertainty. Rising fuel costs, fuel scarcity, and disruptions to key Gulf hubs are key factors that could influence full-year performance.
Macro drivers of growth
Several indicators point to a healthy backdrop for air cargo. Global goods trade expanded by 5.2% year-on-year in January, while manufacturing sentiment improved, with the global Purchasing Managers’ Index (PMI) rising to 53.1, signaling expansion. The PMI for new export orders climbed to 51.4, the highest since July 2021, reflecting strong demand for manufactured goods and underpinning cargo traffic.
Despite these positive trends, operational pressures—including higher jet fuel prices, rising from an average of $90 per barrel in early 2026 to around $150 in mid-March, and longer routing due to airspace restrictions—pose challenges to carriers’ margins.
Outlook
IATA’s February report indicates a broadly positive environment for air cargo, though sustained geopolitical instability and rising fuel costs remain key uncertainties. While the sector has historically demonstrated resilience in the face of disruption, continued monitoring of regional conflicts and economic trends will be critical for forecasting full-year performance.
