The International Air Transport Association (IATA) has released data for May 2026 global air cargo markets, which show an increase of 6.0% in total demand when measured in cargo tonne-kilometres (CTK) when compared to levels reported in May 2025.
Capacity, which is measured in available cargo tonne-kilometres (ACTK), increased by 1.9% when compared to May 2025 (2.8% for international operations).
Global trade saw an increase of 5.0% year-on-year, extending 25 months of consecutive annual growth, whilst jet fuel prices fell by 16.3% month-on-month in May, but remained 93.5% above levels from May 2025.
Elsewhere, global manufacturing activity remained supportive in May, but export orders weakened. The Global Manufacturing Output Purchasing Managers’ Index (PMI), meanwhile, rose to 53.5, while the New Export Orders Index remained below the 50-mark at 49.6, suggesting that air cargo growth was supported by selected trade flows rather than a broad-based rise in global exports.
Willie Walsh, IATA’s Director General, said:Air cargo demand grew 6% year-on-year in May, with Africa, Asia-Pacific, Europe, and North American regions all reporting above trend growth. Carriers in the Middle East, however, reported a combined contraction of 8.9% year-on-year as war-related impacts continued.
May’s strong performance coupled with macro-economic factors give 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.
Regional performance saw Asia-Pacific airlines receive an 8.0% year-on-year growth in air cargo demand in May, with a capacity increase of 5.1% year-on-year, whilst North American carriers saw a 10.5% year-on-year increase in air cargo demand, with a capacity increase of 2.4% year-on-year.
European carriers saw a 6.7% year-on-year increase in demand for air cargo, with a capacity increase of 2.2%, whereas Middle Eastern carriers saw an 8.9% decrease in demand for air cargo – the weakest performance of all regions. Capacity decreased by 9.2% year-on-year.
Finally; Latin American and Caribbean carriers saw a 1.9% year-on-year increase in demand for air cargo in May, with a capacity increase of 5.6% year-on-year, whilst African airlines saw a 13.3% year-on-year increase in demand for air cargo in May – the strongest performance of all regions – with a capacity increase of 1.3% year-on-year.
