Airfreight markets continued to show resilience in November, with demand rising 5.5% year-on-year, according to the latest data released by Iata on Thursday.
Total demand, measured in cargo tonne-kilometres (CTK), increased by 5.5% compared with November 2024 levels, while international operations saw a stronger 6.9% rise. Capacity, measured in available cargo tonne-kilometres (ACTK), grew by 4.7% overall and 6.5% for international operations.
“Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritising timely delivery in the lead-up to the year-end holiday season. Strong emerging-market demand and selective Middle Eastern growth more than made up for softness in the Americas amid ongoing adjustment to the new US tariff regime,” said Willie Walsh, Iata director general.
“Globally, the fourth quarter for air cargo was resilient as strategic re-routing of trade shaped performance across key markets. The strong end for 2025 bodes well for the air cargo industry as it enters the new year.”
Several factors influenced the operating environment. Global goods trade expanded by 3.2% year-on-year in October.
Jet fuel prices climbed 5.9% in November, despite lower crude prices, due to refinery disruptions, EU restrictions on Russian-derived products and limited spare refining capacity.
Global manufacturing sentiment improved, with the Purchasing Managers’ Index rising for the fourth consecutive month to 51.17. However, new export orders rose only slightly to 49.87, remaining below the 50-point threshold due to tariff uncertainty.
Regional performance varied significantly. African airlines led with the strongest growth at 15.6% year-on-year in demand, followed by Asia-Pacific carriers at 10.3%. Middle Eastern carriers recorded 7.4% growth, while European airlines saw a 5.8% increase.
North American carriers experienced a 1.6% decline, and Latin American and Caribbean carriers posted the weakest performance with a 4.8% drop.
