The International Air Transport Association (IATA) released data for the May 2026 global air cargo markets, showcasing a resilient 6.0% year-on-year increase in total demand.
Growth was driven by above-trend performances in Africa, Asia-Pacific, Europe, and North America, helping outpace a contraction in the Middle East caused by ongoing regional conflict.
Key highlights from the report include:
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Global Demand: Total demand, measured in cargo tonne-kilometers (CTKs), rose by 6.0% compared to May 2025 (6.5% for international operations).
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Global Capacity: Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 1.9% year-on-year (2.8% for international operations), indicating a tightening market and higher load factors. “Air cargo demand grew 6% year-on-year in May… May’s strong performance, coupled with macroeconomic factors, gives cautious optimism for air cargo’s prospects over the remainder of the year,” said Willie Walsh, IATA’s Director General. “Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply chain needs. Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It’s still a tough year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear.”
Air cargo performance diverged significantly across major trade lanes. While Asia-North America, Africa-Asia, intra-Europe, and Europe-Asia lanes experienced strong growth, Gulf-linked corridors remained severely disrupted.
| Region | Demand Growth (YoY) | Capacity Growth (YoY) | Market Notes |
| Africa | +13.3% | +1.3% | Strongest global performance; booming Africa-Asia trade. |
| North America | +10.5% | +2.4% | Robust growth, heavily supported by Asia-North America trade lanes. |
| Asia-Pacific | +8.0% | +5.1% | Solid growth tracking above long-term trends. |
| Europe | +6.7% | +2.2% | Steady performance driven by intra-Europe and Europe-Asia lanes. |
| Latin America & Caribbean | +1.9% | +5.6% | Moderate demand growth trailing capacity expansion. |
| Middle East | -8.9% | -9.2% | Weakest global performance due to ongoing war-related impacts. |
Several conflicting macroeconomic drivers shaped the air cargo landscape in May:
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Growing Global Trade: Global trade expanded by 5.0% year-on-year, marking 25 consecutive months of annual growth.
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Mixed Manufacturing Signals: Global manufacturing remained generally supportive. The Global Manufacturing Output Purchasing Managers’ Index (PMI) rose to 53.5. However, the New Export Orders Index dipped below the critical 50-mark to 49.6, suggesting that current cargo growth is being driven by specific, selective trade flows rather than a universal surge in global exports.
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Fuel Price Pressures: Jet fuel prices offered brief relief by falling 16.3% month-on-month in May. However, they remain highly elevated at 93.5% above year-earlier levels, continuing to put pressure on airline operating costs.
Despite geographic volatility and high fuel expenses, the air cargo sector continues to demonstrate operational agility, using higher yields and optimized load factors to sustain a profitable trajectory heading into the second half of 2026.
