The International Air Transport Association (IATA) released data for full year 2025 and December 2025 global air cargo market performance showing record volume achieved as a result of e-commerce strength.
Full-year demand for 2025, measured in cargo tonne-kilometers (CTK), increased 3.4 percent compared to 2024 (4.2 percent for international operations).
Full-year capacity in 2025, measured in available cargo tonne-kilometers (ACTK), increased by 3.7 percent compared to 2024 (5.1 percent for international operations).
December 2025 brought the year to a close with continued strong performance. Global demand was 4.3 percent above December 2024 levels (5.5 percent for international operations). Global capacity was 4.5 percent above December 2024 levels (6.4 percent for international operations).
Additionally, IATA noted that full-year yields fell 1.5 percent year-on-year. This is the smallest decline in three years as a more normal supply-demand balance is achieved and the exceptionally strong yields of COVID and post-COVID continue to taper. Despite competitive pressure capping air cargo’s pricing power, yields remain 37.2 percent above 2019 levels.
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“Air cargo delivered a strong performance in 2025, with demand up 3.4% year-on-year. Global e-commerce strength drove volumes, even as trading relationships with the US faced rising tariffs, the removal of de minimis tariff exemptions, and continuing policy uncertainty.
“Air cargo rose to the occasion. It adapted quickly to support global businesses and supply chains as they front-loaded product deliveries ahead of tariff impositions and adjusted to rising demand within Asia and between Asia and Europe as US-Asia trade stagnated,” said Willie Walsh, IATA’s Director General.
“Growth in 2026 is expected to moderate slightly to 2.4 percent, in line with historical trends. We can expect that demand will continue to be shaped by trade and geopolitical developments. Whatever trading patterns emerge, we can be confident that reliance on air cargo to keep global supply chains running will remain, with carriers responding to the challenge by deploying capacity and designing their networks for optimum flexibility,” said Walsh.
Global trade in goods grew by 2.5 percent annually in 2024. Year-to-date, January to November, for 2025, the index grew 4.4 percent (versus 2.4 percent of same period in 2024).
Jet fuel prices fell 3.1 percent in December and averaged 9.1 percent lower in 2025 than in 2024. However, higher crack spreads meant refiners captured more margin, offsetting part of the benefit for airlines.
Global manufacturing sentiment strengthened in December to reach 50.9. New export orders fell slightly to 49.1, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.
Regional Performance
African airlines saw 6.0 percent year-on-year demand growth for air cargo in 2025. Capacity increased by 7.8 percent year-on-year. December year-on-year demand increased by 10 percent, the highest of all regions, and capacity increased 9.8 percent.
European carriers saw 2.9 percent year-on-year demand growth for air cargo in 2025. Capacity increased by 3.1 percent year-on-year. December year-on-year demand increased 4.9 percent and capacity increased 3.9 percent.
Middle Eastern carriers saw 0.3 percent year-on-year demand growth for air cargo in 2025. Capacity increased by 4.5 percent year-on-year. December year-on-year demand increased 4.2 percent and capacity increased 10.6 percent.
