The International Air Transport Association (IATA) has released data for July 2025 global air cargo markets showing that total demand, measured in cargo tonne-kilometers (CTK), rose by 5,5% compared to July 2024 levels (+6% for international operations); and that capacity, measured in available cargo tonne-kilometers (ACTK), increased by 3,9% compared to July 2024 (+4,5% for international operations).
“Air cargo demand grew 5,5% in July, a strong result,” says Willie Walsh, IATA’s director general. “Most major trade lanes reported growth with one significant exception: Asia–North America, where demand was down 1% YoY.
“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,” Walsh adds. “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% YoY growth in July.”
Several factors in the operating environment should be noted:
* The global goods trade grew by 3,1% YoY in June.
* The July jet fuel price was 9,1% lower YoY and has remained below 2024 levels so far this year, easing airlines’ operating costs. However, it was 4,3% higher than in June.
* Global manufacturing contracted in July with the PMI falling to 49.66, the second dip below the 50-mark growth threshold since January. New export orders also remained negative at 48.2 for the fourth month, reflecting waning confidence amid US trade policy uncertainty.
July regional performance:
Asia-Pacific airlines saw an 11,1% YoY growth in air cargo demand in July, the strongest rise of all regions. Capacity increased by 7,3% YoY.
North American carriers saw a 0,7% YoY increase in growth for air cargo in July, the slowest growth of all regions. Capacity decreased by 0,6% YoY.
European carriers saw a 4,1% YoY increase in demand for air cargo in July. Capacity increased 4% YoY.
Middle Eastern carriers saw a 2,6% YoY increase in demand for air cargo in July. Capacity increased by 5,9% YoY.
Latin American carriers saw a 2,4% YoY increase in demand for air cargo in July. Capacity increased by 3,8% YoY.
African airlines saw a 9,4% YoY increase in demand for air cargo in July. Capacity decreased by 0,1% YoY.