Worldwide air freight demand expanded by 5.5% year on year in November 2025, measured in cargo tonne-kilometers, supported by peak-season shipping activity and solid performance in several emerging markets, despite continued weakness in some mature regions.
According to data from the International Air Transport Association (IATA), growth across the global air cargo market remained uneven. While certain trade lanes underperformed, stronger volumes in Africa, Asia-Pacific, and parts of the Middle East helped lift overall demand.
Africa delivered the strongest results, with cargo traffic rising 15.6% compared with the same month last year. Asia-Pacific carriers recorded growth of 10.3%, driven largely by expanding e-commerce shipments and robust intra-regional trade. Airlines based in the Middle East saw volumes increase by 7.4%, reflecting ongoing strength on Europe–Asia routes. European carriers also reported steady gains of 5.8%, supported by increased trade with both Asia and North America.
In contrast, performance in the Americas remained subdued as carriers continued to adjust to changing trade conditions.
Capacity and Yields
Total air cargo capacity, measured in available cargo tonne-kilometers, grew by 4.7% year on year. This resulted in a cargo load factor of 49.1%, an improvement of 0.4 percentage points compared with November 2024.
IATA noted that capacity growth broadly kept pace with rising demand, supported by targeted fleet deployment across key markets. At the same time, jet fuel prices increased for a third consecutive month, up 5.9% year on year, placing pressure on operating costs.
Cargo yields continued their gradual decline on an annual basis, falling 2.9% compared with last year. However, month-on-month yields rose sharply by 8.2%, the strongest monthly increase since December 2021, reflecting heightened demand during the peak shipping season.
Trade and Economic Indicators
IATA highlighted improving global trade conditions, with worldwide goods trade expanding by 3.2% year on year in October. Manufacturing sentiment also strengthened in November, as the global purchasing managers’ index rose for the fourth straight month to 51.17. New export orders edged up to 49.87 but remained below the growth threshold, indicating ongoing caution amid tariff-related uncertainty.
Commenting on the results, IATA Director General Willie Walsh said that the November increase in air cargo demand was driven by shippers prioritising speed and reliability ahead of the year-end holiday period. He added that strong demand in emerging markets and selected Middle Eastern routes more than offset softer conditions in the Americas, where trade patterns continue to adjust to new US tariff policies.
Walsh also noted that air cargo performance in the fourth quarter proved resilient, supported by the re-routing of global trade flows, and said the solid close to 2025 provides a positive foundation for the industry entering the new year.
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