Air cargo demand rises 11.2% in February, outpacing capacity
IATA reports 11.2% rise in February air cargo demand, exceeding capacity growth amid fuel volatility and war concerns
Global air cargo demand rose 11.2% year-on-year in February 2026, outpacing capacity growth of 8.5%, according to data released by the International Air Transport Association.
Total demand, measured in cargo tonne-kilometres, increased by 11.2% compared to February 2025 levels, with international operations recording a slightly higher rise of 11.6%. Capacity, measured in available cargo tonne-kilometres, grew by 8.5% year-on-year, including a 9.8% increase in international capacity.
According to Willie Walsh, the growth in February was supported in part by shipments moving ahead of the Lunar New Year, although overall demand remained strong. He noted that the outbreak of war in the Middle East towards the end of the month has created uncertainty for the rest of the year, with rising fuel costs, fuel shortages in some regions and disruption to key cargo hubs in the Gulf emerging as major challenges. He added that an early resolution of the conflict, along with stable fuel supply and pricing, would benefit the sector.
The operating environment showed mixed signals. Global goods trade rose 5.2% year-on-year in January, while jet fuel prices increased by 1.2% in February. At the same time, a widening gap between Brent crude and jet fuel prices indicated continued volatility in refining margins. Manufacturing activity also strengthened, with the global Purchasing Managers’ Index rising to 53.1, remaining above the expansion threshold. The index for new export orders climbed to 51.4, its highest level since July 2021, pointing to positive conditions for air cargo demand.
Regionally, African airlines recorded the strongest growth in February, with demand rising 21% year-on-year and capacity up 17.3%. Middle Eastern carriers followed with a 16.5% increase in demand and a 13.5% rise in capacity. Asia-Pacific airlines reported a 13.6% growth in demand alongside a 10.1% increase in capacity. North American carriers saw demand grow 9.4% and capacity 5.3%, while European carriers recorded a 6.9% rise in demand and a 6.1% increase in capacity. Latin American and Caribbean airlines posted the weakest performance, with demand growing just 0.7% and capacity increasing 4.5%.
Air freight volumes increased across all major trade lanes in February. The Africa–Asia corridor recorded the fastest growth at 61.9%, marking its eighth consecutive month of expansion. Middle East–Asia traffic rose 24%, while Europe–Asia grew 13.1%, extending a 36-month growth streak. Other routes including Asia–North America, Europe–Middle East and Europe–North America also recorded steady gains, along with intra-Asia and intra-Europe traffic.
