The International Air Transport Association (IATA) has released global air cargo market data for March 2025. Total demand, measured in cargo tonne-kilometres (CTKs), rose by 4.4% compared to the same period last year, reaching the highest level ever recorded for the month of March. Growth in international operations stood at 5.5%.
Global Performance Summary
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Total Demand (CTK): +4.4% year-on-year increase
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International Demand (CTK): +5.5%
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Total Capacity (ACTK): +4.3% (international: +6.1%)
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Load Factor (CLF): 47.5% (remained stable)
IATA Director General Willie Walsh stated:
“Air cargo volumes were strong in March. This growth may be driven by both structural demand increases and forward purchasing ahead of potential US tariff decisions. In the short term, low fuel prices are supporting the industry, while in the long run, resolving uncertainties and fostering trust in global trade will be crucial.”
Regional Data: Asia and North America Take the Lead
Asia-Pacific
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Demand: +9.6%
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Capacity: +11.3%
Recorded the strongest growth among regions.
North America
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Demand: +9.5%
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Capacity: +6.1%
Expectations around US trade policy accelerated shipments.
Europe
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Demand: +4.5%
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Capacity: +2.0%
Falling inflation and rising industrial production provided a positive contribution.
Middle East
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Demand: -3.2%
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Capacity: +0.8%
A base effect followed the extraordinary growth seen at the start of 2024.
Latin America
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Demand: +5.8%
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Capacity: +4.7%
Continues its trend of steady growth.
Africa
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Demand: -13.4%
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Capacity: +10.5%
Overcapacity and weak demand are notable in the region.
Trade Lanes: Europe–North America and Asia in Focus
| Trade Lane | Annual Growth | Market Share |
|---|---|---|
| Europe – North America | +8.5% | 13.3% |
| Europe – Asia | +8.3% | 20.5% |
| Asia – North America | +7.3% | 24.4% |
| Intra-Asia | +5.5% | 7.0% |
| Middle East – Asia | +2.9% | 7.3% |
| Middle East – Europe | -7.5% | 5.7% |
| Africa – Asia | -40.2% | 1.4% |
| Intra-Europe | -5.2% | 2.0% |
Note: The Asia–North America lane regained momentum due to front-loaded shipments in anticipation of potential US tariff threats.
Macroeconomic Indicators and Impacts
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Jet Fuel Price: Down 17.3% year-on-year – decline continued for the 9th consecutive month
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Industrial Production: +3.2% increase
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Trade Volume: +2.9% growth
CPI Declines:
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USA: 2.4%
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EU: 2.5%
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Japan: 3.6%
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China: -0.1% (remains in deflation)
