The International Air Transport Association (IATA) released data for full year 2025 and December 2025 global air cargo market performance showing:

Full-year demand for 2025, measured in cargo tonne-kilometers (CTK), increased 3.4% compared to 2024 (4.2% for international operations); 

Full-year capacity in 2025, measured in available cargo tonne-kilometers (ACTK), increased by 3.7% compared to 2024 (5.1% for international operations);

December 2025 brought the year to a close with continued strong performance. Global demand was 4.3% above December 2024 levels (5.5% for international operations). Global capacity was 4.5% above December 2024 levels (6.4% for international operations). 

Additionally, IATA noted that full-year yields fell 1.5% year-on-year. This is the smallest decline in three years as a more normal supply-demand balance is achieved and the exceptionally strong yields of COVID and post-COVID continue to taper. Despite competitive pressure capping air cargo’s pricing power, yields remain 37.2% above 2019 levels.

Several factors in the operating environment should be noted: 

Global trade in goods grew by 2.5% annually in 2024. Year-to-date, January to November, for 2025, the index grew 4.4% (versus 2.4% of same period in 2024).

Jet fuel prices fell 3.1% in December and averaged 9.1% lower in 2025 than in 2024. However, higher crack spreads meant refiners captured more margin, offsetting part of the benefit for airlines.

Global manufacturing sentiment strengthened in December to reach 50.9. New export orders fell slightly to 49.1, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.

Trade Lane Growth

2025 trade lane data shows a clear shift in global air cargo flows from Asia–North America to Asia–Europe driven by tariff pressures and the removal of the US de minimis exemption. The Within Asia, and the Middle East–Asia corridor also recorded strong growth.