The International Air Transport Association (IATA) released data for July 2025 global air cargo markets showing:
- Total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5% compared to July 2024 levels (+6.0% for international operations).
- 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. 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,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
- The global goods trade grew by 3.1% year-on-year in June.
- The July jet fuel price was 9.1% lower year-on-year 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.
Air Cargo Market in Detail July 2025 (%year-on-year) World Share *1 CTK ACTK CLF (%-pt) *2 CLF (level) *3
| Total Market | 100% | 5.5% | 3.9% | 0.7% | 45.1% |
| Africa | 2.0% | 9.4% | -0.1% | 4.1% | 46.8% |
| Asia Pacific | 34.2% | 11.1% | 7.3% | 1.7% | 49.3% |
| Europe | 21.5% | 4.1% | 4.0% | 0.0% | 49.5% |
| Latin America and the Caribbean | 2.9% | 2.4% | 3.8% | -0.4% | 33.6% |
| Middle East | 13.6% | 2.6% | 5.9% | -1.4% | 44.6% |
| North America | 25.8% | 0.7% | -0.6% | 0.5% | 39.0% |
(*1) % of industry CTKs in 2024 (*2) Year-on-year change in load factor (*3) Load factor level
July Regional Performance
Asia-Pacific airlines saw an 11.1% year-on-year growth in air cargo demand in July, the strongest rise of all regions. Capacity increased by 7.3% year-on-year.
North American carriers saw a 0.7% year-on-year increase in growth for air cargo in July, the slowest growth of all regions. Capacity decreased by 0.6% year-on-year.
European carriers saw a 4.1% year-on-year increase in demand for air cargo in July. Capacity increased 4.0% year-on-year.
Middle Eastern carriers saw a 2.6% year-on-year increase in demand for air cargo in July. Capacity increased by 5.9% year-on-year.
Latin American carriers saw a 2.4% year-on-year increase in demand for air cargo in July. Capacity increased by 3.8% year-on-year.
African airlines saw a 9.4% year-on-year increase in demand for air cargo in July. Capacity decreased by 0.1% year-on-year.
Trade Lane Growth
Air freight volumes in July 2025 increased significantly across all major trade corridors, with the exception of Middle East–Europe, which recorded only a marginal rise, and Asia–North America, which has seen three consecutive months of decline.
Trade Lane YoY growth Notes Market share of industry*
| Asia-North America | -1.0% | 3 consecutive months of decline | 24.4% |
| Europe-Asia | +13.5% | 29 consecutive months of growth | 20.5% |
| Middle East-Europe | +0.3% | 5.7% | |
| Middle East-Asia | +8.5% | 5 consecutive months of growth | 7.4% |
| Within Asia | +10.3% | 21 consecutive months of growth | 7.0% |
| Within Europe | +4.0% | 2.0% | |
| North America-Europe | +9.6% | 18 consecutive months of growth | 13.3% |
| Africa-Asia | +12.1% | 1.4% |
*Share is based on full-year 2024 CTKs.
View July 2025 Air Cargo Market Analysis (pdf)
