Global air cargo demand continued its upward trajectory in May 2026, rising 6.0% compared with the same month last year, according to new figures released by the International Air Transport Association (IATA). International cargo operations recorded an even stronger 6.5% annual increase.
Air cargo capacity also expanded during the month, though at a slower pace. Available cargo tonne-kilometers (ACTK) increased by 1.9% year-on-year, while international capacity grew by 2.8%.
IATA Director General Willie Walsh said the sector delivered another solid month of growth despite geopolitical challenges affecting parts of the market. He noted that airlines in Africa, Asia-Pacific, Europe, and North America all posted stronger-than-average demand, whereas Middle Eastern carriers experienced an 8.9% decline as the effects of regional conflict continued to disrupt operations.
Walsh said improving trade activity and manufacturing output are providing cautious optimism for the remainder of 2026. He added that airlines have adjusted their operations to match changing demand and supply chain requirements, while stronger cargo yields and higher load factors are helping offset elevated fuel costs. However, he cautioned that uncertainty in the Middle East continues to present significant challenges for the industry.
IATA reported that global trade expanded by 5.0% year-on-year in May, marking the 25th consecutive month of annual growth. Jet fuel prices fell 16.3% from April levels but remained 93.5% higher than a year earlier.
Manufacturing activity also remained supportive of air cargo demand. The Global Manufacturing Output Purchasing Managers' Index (PMI) rose to 53.5 in May. However, the New Export Orders Index remained below the growth threshold at 49.6, indicating that cargo volumes were driven by specific trade corridors rather than broad-based growth in global exports.
Regional results showed varied performance. African airlines recorded the strongest demand growth, with cargo volumes increasing 13.3% year-on-year while capacity rose 1.3%. North American carriers posted a 10.5% increase in demand with capacity up 2.4%.
Asia-Pacific airlines reported an 8.0% rise in cargo demand, supported by a 5.1% increase in capacity. European carriers registered a 6.7% gain in demand while expanding capacity by 2.2%.
Latin American and Caribbean airlines recorded a more modest 1.9% increase in cargo demand, with capacity rising 5.6%.
The Middle East remained the weakest-performing region. Airlines based there saw cargo demand decline 8.9% compared with May 2025, while capacity fell 9.2%, reflecting continued disruption linked to the ongoing conflict.
Trade lane performance also varied significantly. Routes connecting Asia and North America delivered the strongest growth, followed by Africa-Asia, intra-Europe, and Europe-Asia corridors. Meanwhile, trade routes linked to the Gulf continued to face severe disruption as the conflict in the Middle East affected regional cargo flows.
Source: QCAA