The International Air Transport Association (IATA) has released data for November 2025 global air cargo markets. According to the data, “African airlines saw a 15.6% year-on-year increase in demand for air cargo in November, the strongest rise of all regions. Capacity increased by 18.1% year-on-year.”
It can be recalled that in October 2025, the African airlines also recorded the strongest rise of all regions with a 16.6% Year on year increase in demand for air cargo and 20.0% Year on year capacity increase.
The data also revealed that “Total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5% compared to November 2024 levels (+6.9% for international operations).” While “Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.7% compared to November 2024 (+6.5% for international operations).”
IATA’s Director General, Willie Walsh said: “Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritizing 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. 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.”
According to IATA, several factors in the operating environment should be noted: “The global goods trade grew by 3.2% year-on-year in October.” IATA also reports that, “Jet fuel prices rose 5.9% in November despite falling crude prices, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity, pushing crack spreads close to double last year’s levels.”
IATA added, “Global manufacturing sentiment strengthened in November, with the PMI rising for the fourth consecutive month to reach 51.17. New export orders improved slightly to 49.87, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.”
Air Cargo Market in Detail
| November 2025 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
| Total Market | 100% | 5.5% | 4.7% | 0.4% | 49.1% |
| Africa | 2.0% | 15.6% | 18.1% | -0.9% | 44.2% |
| Asia-Pacific | 34.3% | 10.3% | 8.4% | 0.9% | 50.2% |
| Europe | 21.5% | 5.8% | 4.1% | 0.9% | 57.9% |
| Latin America and the Caribbean | 2.9% | -4.8% | -3.0% | -0.7% | 39.6% |
| Middle East | 13.6% | 7.4% | 11.0% | -1.6% | 47.8% |
| North America | 25.7% | -1.6% | -2.3% | 0.3% | 44.1% |
(*1) % of industry CTKs in 2024 (*2) Year-on-year change in load factor (*3) Load factor level Source: IATA