Total air cargo demand, measured in cargo ton-kilometers (CTK), rose by 2.2% compared to May 2024 levels, up 3.0% for international operations, according to the International Air Transport Association (IATA).
Also, capacity, measured in available cargo ton-kilometers (ACTK), increased by 2% compared to May 2024, up 2.6% for international operations.
The Association said several factors in the operating environment should be noted, including year-on-year world industrial production, which rose 2.6% in April 2025.
Meanwhile, air cargo volumes grew 6.8% over the same period, outpacing global goods trade growth of 3.8%.
IATA said jet fuel prices in May 2025 were 18.8% lower than the previous year and 4.3% below the previous month.
It noted that global manufacturing contracted in May, with the PMI falling to 49.1, below the 50 mark that signals growth.
New export orders also remained in negative territory at 48, reflecting pressure from recent US trade policy changes, the Association revealed.
Global manufacturing output, measured by the PMI, dropped below the 50 threshold to 49.1 in May, for the first time in 2025.
This, IATA said, was a 6.9% year-on-year decrease and a 2.8% drop compared to April 2025, indicating a slight weakening in global manufacturing production compared to April 2025.
Meanwhile, output declined in May, new export orders grew 1.6 index points from April, to 48. New export orders have been directly affected by the US trade policy changes, which have reshaped global demand dynamics and impacted trade flows.
Willie Walsh, IATA’s Director General, said the rise of cargo demand globally by 2.2% in May is encouraging news as a 10.7% drop in traffic on the Asia to North America trade lane illustrated the dampening effect of shifting US trade policies.
“Even as these policies evolve, already we can see the air cargo sector’s well-tested resilience helping shippers to accommodate supply chain needs to flexibly hold back, re-route or accelerate deliveries,” he said.
Meanwhile, carriers in the Middle East continued to build momentum, expanding for the second consecutive month. The region recorded a 3.6% year-on-year rise and capacity increased by 4.2%.
Asia Pacific posted the strongest growth, up 8.3% year-on-year while capacity increased by 5.7%.
In return, North American carriers saw a -5.8% year-on-year decrease in growth for air cargo in May, the slowest growth of all regions. Capacity decreased by -3.2%.
European carriers saw 1.6% year-on-year demand growth for air cargo in May. Capacity increased 1.5%.
Also, Latin American carriers saw a 3.1% year-on-year increase in demand growth for air cargo in May. Capacity increased 3.5%.
As for African airlines, they saw a 2.1% year-on-year decrease in demand for air cargo in May. Capacity increased by 2.7%.
Trade Lane Growth
A significant decrease in the Asia-North America trade lane was expected and realized as the effect of front-loading faded and changes to the de-minimis exemption on small package shipments were enforced.
As cargo flows reorganized, several route areas responded with surprising growth, IATA said.
