Full-year demand for 2025, measured in cargo tonne-kilometers (CTK), increased 3.4% compared to 2024 ( 4.2% for international operations).
Full-year capacity in 2025, measured in available cargo tonne-kilometers (ACTK), increased by 3.7% compared to 2024 ( 5.1% for international operations).
“Air cargo delivered a strong performance in 2025, with demand up 3.4% year-on-year,” said Willie Walsh, IATA’s Director General.
“Global e-commerce strength drove volumes, even as trading relationships with the US faced rising tariffs, the removal of de minimis tariff exemptions, and continuing policy uncertainty.
“Air cargo rose to the occasion—It adapted quickly to support global businesses and supply chains as they front-loaded product deliveries ahead of tariff impositions and adjusted to rising demand within Asia and between Asia and Europe as US-Asia trade stagnated,” said Willie Walsh, IATA’s Director General.
December 2025 brought the year to a close with continued strong performance. Global demand was 4.3% above December 2024 levels ( 5.5% for international operations).
Global capacity was 4.5% above December 2024 levels ( 6.4% for international operations).
Additionally, IATA noted that full-year yields fell 1.5% year-on-year. This is the smallest decline in three years as a more normal supply-demand balance is achieved and the exceptionally strong yields of COVID and post-COVID continue to taper.
Despite competitive pressure capping air cargo’s pricing power, yields remain 37.2% above 2019 levels.
“Growth in 2026 is expected to moderate slightly to 2.4%, in line with historical trends,” added Walsh.
“We can expect that demand will continue to be shaped by trade and geopolitical developments. Whatever trading patterns emerge, we can be confident that reliance on air cargo to keep global supply chains running will remain, with carriers responding to the challenge by deploying capacity and designing their networks for optimum flexibility.”
