Global air cargo demand rose by 4.1 per cent in October 2025 compared with the same month last year, setting a new monthly record and marking the eighth consecutive month of expansion, according to data released by the International Air Transport Association (IATA).
Total capacity, measured in available cargo tonne-kilometres (ACTK), increased by 5.1 per cent year-on-year, outpacing demand growth.
As a result, the global cargo load factor slipped by 0.5 percentage points to 47.1 per cent.
International cargo demand rose by 4.8 per cent, while capacity for international operations expanded by 6.4 per cent.
Willie Walsh, IATA’s director general, said “Air cargo demand grew 4.1 per cent year-on-year in October, marking the eighth consecutive month of expansion and setting a new monthly record for volumes.”
He noted that although the Asia–North America trade lane “extended its contraction to six months,” October saw “double-digit or near double-digit growth within Asia, between the Middle East and Europe, and between Europe and Asia,” adding that the shifting pattern shows cargo is helping global supply chains adapt to the impact of US tariffs.
Walsh described the figures as “positive news, especially significant as the air cargo sector enters the peak fourth quarter shipping season.”
The broader operating environment also strengthened. Global goods trade grew by 3 per cent year-on-year in September, while industrial production expanded by 3.7 per cent, the fastest pace since March 2025 and the strongest monthly reading since late 2022.
Jet fuel prices rose 2.5 per cent during October even as crude declined, with a tightening diesel market pushing the jet crack spread to nearly double last year’s level.
Meanwhile, global manufacturing sentiment improved slightly, with the PMI increasing for the third consecutive month to 51.45. New export orders softened to 48.31, remaining below the expansion threshold amid tariff-related uncertainty.
Asia-Pacific carriers recorded an 8.3 per cent year-on-year rise in cargo demand in October, the strongest performance among the major markets. Capacity increased by 7.3 per cent.
In Europe, airlines posted a 4.3 per cent increase in demand, with capacity also up 4.3 per cent. The cargo load factor was broadly unchanged.
Middle Eastern carriers saw demand rise by 5.7 per cent year-on-year. Capacity increased by 10 per cent, putting downward pressure on load factors.
African airlines delivered the fastest growth globally, with demand jumping 16.6 per cent. Capacity expanded by 20 per cent, leaving load factors lower than a year earlier.
By contrast, carriers in both North America and Latin America recorded a 2.7 per cent decline in demand, the weakest performance across all regions. North American capacity edged up by 0.1 per cent, while in Latin America capacity rose 2.8 per cent.
Air freight volumes increased across most major corridors in October, with the exception of traffic between North America and Asia, and within Europe.
Europe–Asia remained the standout performer, with demand up 11.7 per cent, extending its growth streak to 32 consecutive months. Middle East–Asia also posted strong gains of 11.5 per cent.
Within Asia, demand rose 9 per cent, marking two full years of uninterrupted growth. Africa–Asia traffic also performed firmly, rising 10.9 per cent.
Europe–North America demand increased by 2.6 per cent, while Europe–Middle East traffic was broadly flat, up 0.1 per cent.
However, Asia–North America demand declined by 1.4 per cent, recording a sixth consecutive month of contraction. Within Europe, demand also fell slightly, down 0.7 per cent.
