Global air cargo demand, measured in cargo tonne-kilometres (CTKs), rose by 4.4% in March 2025 compared to the same month last year, according to the latest data released by the International Air Transport Association (IATA).
International operations experienced even stronger growth at 5.5%. Meanwhile, available cargo tonne-kilometres (ACTKs)—a measure of cargo capacity—increased by 4.3% overall, with international capacity growing by 6.1%.
“March cargo volumes were strong,” said IATA Director General Willie Walsh. “This may partly reflect front-loading by businesses trying to beat the widely expected 2 April tariff announcement from the Trump Administration.”
He noted that while uncertainty remains around how much of the proposed tariffs will be implemented, falling fuel prices—also driven by that uncertainty—have provided a short-term boost to air cargo.
Walsh expressed hope that the temporary pause in tariff implementation would give political leaders an opportunity to ease trade tensions and secure stable agreements to restore confidence in global supply chains.
IATA noted that March typically sees stronger volumes following a seasonal dip in February, and that the single-digit growth is consistent with pre-COVID trends.
Jet fuel prices fell 17.3% year-on-year, marking the ninth consecutive month of declines.
The trade body also highlighted that the sharp rise in U.S. tariffs and new trade rules—especially the 2 May ban on duty-free imports from China and Hong Kong—likely encouraged companies to advance shipments to avoid added costs.
Other contributing factors included a 3.2% year-on-year increase in global industrial output and a 2.9% rise in trade volumes.
Inflation also eased across several major economies: U.S. inflation dropped to 2.4%, the EU’s CPI to 2.5%, and Japan’s to 3.6%. China remained in deflation, though it eased to -0.1%.
Regional Performance Highlights:
Asia-Pacific airlines led with 9.6% demand growth and 11.3% capacity growth.
North American carriers posted 9.5% growth in demand and 6.1% in capacity.
European carriers saw 4.5% growth in demand and 2% in capacity.
Latin American carriers recorded 5.8% growth in demand, with capacity up 4.7%.
Middle Eastern airlines experienced a 3.2% decline in demand, despite a 0.8% increase in capacity. IATA attributed this partly to comparisons with strong Red Sea-related volumes in early 2024.
African carriers saw the largest drop, with 13.4% decline in demand, although capacity rose 10.5%.
Among trade lanes, the Europe–North America route was the busiest in March. Asia–North America, the largest lane by market share, also grew significantly, likely due to early shipping ahead of expected tariffs. Only Europe–Middle East and Africa–Asia trade lanes saw demand decline.
