Global air cargo markets rebounded in July 2025, with demand rising 5.5% year-on-year, according to the International Air Transport Association (Iata). International operations recorded a 6.0% increase, supported by most major trade lanes, though Asia–North America volumes declined 1.0% amid shifting US trade policies.
Asia-Pacific airlines recorded the strongest growth, with an 11.1% increase in cargo demand and 7.3% higher capacity. African airlines also performed well, posting a 9.4% rise in demand despite a slight dip in capacity (-0.1%).
North American carriers experienced the slowest growth, up just 0.7% year-on-year, while European airlines grew 4.1% with capacity matching demand at 4.0%. Middle Eastern and Latin American carriers posted moderate gains of 2.6% and 2.4% in demand, respectively.
Trade lane highlights
Europe–Asia trade volumes maintained 29 consecutive months of growth, up 13.5% year-on-year. In contrast, the Asia–North America corridor fell for the third consecutive month. Other notable trade lane increases included:
• North America–Europe: +9.6%
• Africa–Asia: +12.1%
• Middle East–Asia: +8.5%
Operating environment
Iata director general Willie Walsh, highlighted the influence of broader economic factors: "Air cargo demand grew 5.5% in July, a strong result. Most major trade lanes reported growth, with one significant exception: Asia–North America, where demand was down 1.0% year-on-year.
"A sharp decline in e-commerce, as the US de minimis exemptions on small shipments expired, was likely offset by shippers frontloading goods in advance of rising tariffs for imports to the US. August will likely reveal more clearly the impact of shifting US trade policies.
"While much attention is rightly being focused on developments in markets connected to the US, it is important to keep a broad perspective on the global network. A fifth of air cargo travels on the Europe–Asia trade lane, which marked 29 months of consecutive expansion with 13.5% year-on-year growth in July."
Global goods trade grew 3.1% year-on-year in June. Jet fuel prices were 9.1% lower than last July, although up 4.3% from June, easing operating costs for airlines. Manufacturing activity fell, with the PMI at 49.66 and new export orders remaining negative at 48.2, reflecting uncertainty around US trade policy.
Regional performance
• Africa: Demand +9.4%, Capacity -0.1%, Load factor 46.8%
• Asia Pacific: Demand +11.1%, Capacity +7.3%, Load factor 49.3%
• Europe: Demand +4.1%, Capacity +4.0%, Load factor 49.5%
• Latin America & Caribbean: Demand +2.4%, Capacity +3.8%, Load factor 33.6%
• Middle East: Demand +2.6%, Capacity +5.9%, Load factor 44.6%
• North America: Demand +0.7%, Capacity -0.6%, Load factor 39.0%
