Total global air cargo demand, measured in cargo tonne-kilometres (CTK), increased by 6.0% in May 2026. However, compared to May 2025 levels, the ratio was down by 6.5%, stated International Air Transport Association (IATA) data.
“Capacity, measured in available cargo tonne-kilometres (ACTK), increased by 1.9% compared to May 2025 (2.8% for international operations),” IATA remarked.
However, the conflict-ridden Middle East became the biggest black hole for the sector, as Gulf-based carriers reported a combined contraction of 8.9% year-on-year, with Iran war-related impacts weighing in big time.
“Air cargo demand grew 6% year-on-year in May, with the African, Asia-Pacific, European, and North American regions all reporting above-trend growth. May’s strong performance coupled with macroeconomic factors gives cautious optimism for air cargo’s prospects over the remainder of the year. Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply chain needs. Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It’s still a tough year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear,” said Willie Walsh, IATA’s Director-General.
While global trade increased by 5.0% year-on-year, extending 25 months of consecutive annual growth, jet fuel prices, in a relief for the carriers, fell by 16.3% month-on-month in May. However, the ratio still remained 93.5% above year-earlier levels.
While global manufacturing activity remained supportive of the cargo sectors’ growth, export orders got weakened. The Global Manufacturing Output Purchasing Managers’ Index (PMI) rose to 53.5, while the New Export Orders Index stayed below the 50-mark at 49.6, suggesting air cargo growth was supported by selected trade flows rather than a broad-based export rise.
Talking about the Middle Eastern carriers, the latter saw an 8.9% year-on-year decrease in air cargo demand for May, the weakest performance of all regions. Capacity decreased by 9.2% year-on-year.
“Asia-Pacific airlines saw an 8.0% year-on-year growth in air cargo demand in May. Capacity increased by 5.1% year-on-year. North American carriers, on the other hand, saw a 10.5% year-on-year increase in air cargo demand in May. Capacity increased by 2.4% year-on-year,” the IATA report observed.
“European carriers saw a 6.7% year-on-year increase in demand for air cargo. Capacity increased by 2.2% year-on-year. Latin American and Caribbean carriers witnessed a 1.9% year-on-year increase in demand for air cargo. Capacity increased by 5.6% year-on-year,” it added further.
Last but not least, African airlines saw a 13.3% year-on-year increase in demand for the month, the strongest performance among all regions. Capacity increased by 1.3% year-on-year.
“Air cargo performance diverged across major trade lanes in May. Asia-North America led growth, followed by Africa-Asia, intra-Europe, and Europe-Asia. In contrast, Gulf-linked corridors were still severely disrupted by the ongoing conflict in the Middle East,” IATA concluded.