Data from the International Air Transport Association (IATA) for May 2026 shows that total air cargo demand, measured in cargo tonne-kilometres (CTKs), increased by 6.0% compared to May 2025. International demand grew by 6.5%. Capacity, measured in available cargo tonne-kilometres (ACTKs), rose by 1.9% year-on-year, with international capacity up 2.8%.
IATA Director General Willie Walsh commented, "Air cargo demand grew 6% in May compared to the same month last year. Air cargo growth in Africa, Asia-Pacific, Europe, and North America was above trend. However, airlines in the Middle East saw a collective 8.9% year-on-year decline in demand, continuing to be weighed down by the effects of conflict. The strong performance in May, combined with macroeconomic factors, supports a cautiously optimistic outlook for air cargo for the remainder of the year. Trade and manufacturing output are growing. Airlines have also adapted their operations to evolving demand patterns and supply chain needs. At the same time, improving yields and load factors are helping to absorb the pressure from rising fuel costs. This year will remain challenging, particularly with the uncertainty in the Middle East significantly impacting parts of the industry, but strong demand and airline resilience are clearly evident."
Key Indicators for the Air Cargo Operating Environment
Global trade expanded by 5.0% year-on-year, marking 25 consecutive months of annual growth. Jet fuel prices in May fell 16.3% month-on-month but remained 93.5% higher than a year ago. The global manufacturing sector remained active in May, although export orders contracted. The Global Manufacturing Output Purchasing Managers' Index (PMI) rose to 53.5, while the New Export Orders Index stayed below the 50-point threshold at 49.6. This indicates that air cargo growth is being driven by corresponding trade volumes rather than a broad-based expansion in global exports.
Regional Air Cargo Market Performance
Asia-Pacific airlines reported an 8.0% year-on-year increase in air cargo demand for May, with capacity up 5.1%. North American carriers saw demand grow 10.5%, while capacity increased 2.4%. European airlines experienced a 6.7% rise in demand alongside a 2.2% capacity increase. Middle Eastern carriers recorded the weakest performance among all regions, with demand down 8.9% and capacity falling 9.2%. Latin American and Caribbean airlines posted a 1.9% demand growth and a 5.6% capacity increase. African airlines reported the strongest performance, with demand surging 13.3% and capacity rising 1.3%.
Trade Lane Performance
The performance of major air cargo trade lanes was mixed in May. The Asia-North America lane led growth, followed by the Africa-Asia lane, intra-European lanes, and the Europe-Asia lane. In contrast, routes connected to the Gulf region continued to be severely disrupted by the ongoing conflict in the Middle East.
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