Global air cargo demand rises 6% in May as trans-Pacific trade leads

Global air cargo demand grew by 6% year on year in May 2026, driven mainly by strong performance on trans-Pacific trade lanes and continued growth from Asia Pacific and North American carriers, according to the International Air Transport Association's (IATA) latest Air Cargo Market Analysis.

International cargo demand increased by 6.5% compared with May last year, while global cargo capacity rose by only 1.9%. As demand grew faster than available capacity, cargo load factors improved by 1.8% points to 46.3%, supporting stronger market conditions and higher freight rates.

Asia Pacific and North American airlines accounted for most of the industry's additional cargo volumes during the month. Asia Pacific carriers recorded an 8% increase in cargo tonne-kilometres (CTKs), adding around 669 million CTKs and remaining the main driver of global growth. North American carriers followed with a 10.5% rise, contributing more than 580 million additional CTKs.

Africa recorded the fastest regional growth rate at 13.3%, although its overall contribution remained smaller because of its lower traffic base. European carriers expanded by 6.7%, providing further support to the market.

In contrast, Middle Eastern carriers continued to face challenging conditions. Cargo demand in the region declined by 8.9% year on year, reducing global traffic by nearly 280 million CTKs and offsetting part of the gains recorded in other regions.

International cargo markets remained the main source of industry growth. Asia Pacific airlines reported a 9.2% increase in international cargo traffic, while North American carriers recorded growth of 12.9%. African carriers also posted a 13.3%rise in international traffic, although from a much smaller market base. European airlines expanded international cargo demand by 7%.

Latin American and Caribbean carriers returned to growth, with international traffic increasing by 3.2% after declining in April. Middle Eastern airlines, however, continued to record an 8.9% fall in international cargo demand as operational challenges affected their networks.

Trade lane performance showed that the Asia–North America corridor remained the strongest-performing international market. Demand accelerated sharply on the route, supported by manufacturing activity and e-commerce shipments across the Pacific. Europe–Asia also maintained steady growth, while intra-Asian traffic continued to expand on the back of regional production and supply chain integration.

Routes involving the Middle East moved in the opposite direction. Cargo traffic between Europe and the Middle East, and between the Middle East and Asia, declined as network disruptions affected operations through major hub airports.

Dedicated freighter aircraft remained the main source of market growth during May. Freighter traffic increased by 11% year on year and accounted for most of the additional cargo volumes. Passenger belly cargo also returned to growth, although at a much slower pace.

Freighter demand was strongest on Asia-linked trade lanes, particularly between Asia and North America, where dedicated cargo aircraft handled most of the additional traffic. Europe–Asia also contributed to freighter growth, while Europe–North America was the only major corridor to record a decline in freighter traffic.

Passenger belly cargo expanded across all major trade lanes. Europe–Asia recorded the strongest growth, supported by improved passenger connectivity and trade activity. Asia–North America and intra-Asian markets also remained positive, while Europe–North America returned to growth.

Although airlines continued to add cargo capacity during May, the increase remained below the pace of demand. Asia Pacific carriers contributed the largest share of additional capacity, followed by North American and European airlines. Latin American and Caribbean carriers recorded the fastest capacity growth rate at 7.4%, although from a relatively small base.

Middle Eastern airlines again moved in the opposite direction, reducing available cargo capacity by 9.2% compared with the previous year.

The gap between demand growth and capacity expansion improved aircraft utilisation across much of the industry. Africa recorded the largest increase in cargo load factor, followed by Europe and North America. Asia Pacific carriers also saw higher load factors as demand grew faster than available capacity.

Middle Eastern airlines recorded a slight improvement in cargo load factors despite weaker demand, as capacity reductions exceeded the decline in traffic. Latin American and Caribbean carriers, however, saw utilisation fall as capacity increased faster than cargo demand.

Fuel prices eased during May after reaching elevated levels earlier in the year. Jet fuel prices declined by 16.3% from April, while Brent crude oil prices fell by 10.7%. However, fuel costs remained significantly higher than a year earlier, and tight fuel supplies continued to support higher operating costs.

Air cargo yields continued to strengthen despite lower fuel prices. Yields increased by 0.3% compared with April, marking a third consecutive month of growth, and were 37.9% higher than in May 2025. According to the report, firm pricing reflected strong demand and limited capacity growth across the market.

The wider economic environment presented mixed signals. Global manufacturing output remained in expansion territory during May, with the Manufacturing Output Purchasing Managers' Index (PMI) reaching 53.5. However, the New Export Orders Index remained below the growth threshold for a second consecutive month at 49.6, indicating that export demand remained weaker than manufacturing activity.

Despite softer export orders, global trade volumes continued to improve. The CPB World Trade Monitor showed goods trade rising by 0.7% month on month in April and 5% year on year, extending more than two years of annual growth. According to IATA, stronger trade volumes provided a supportive backdrop for international air cargo, particularly across Asia-linked trade routes.