Air cargo demand ran 3.9% above last year’s level in July, the International Air Transport Association said in its monthly market data. International operations did a little better, at 4.7%. Capacity grew far more slowly, by 1.7% over the same month in 2025.
Every region posted growth. Airlines in Asia-Pacific, Europe and North America accounted for more than 90% of the total increase.
Region by region
North American carriers led the field with demand up 4.8%, even though they trimmed capacity by 1.5%. European airlines followed at 4.4% on 1.3% more capacity. Asia-Pacific and Latin American and Caribbean carriers both saw demand rise 4.1%. Capacity grew 3.0% in the first group and 7.0% in the second.
Middle Eastern carriers managed 1.7% growth while adding 4.0% more capacity. African airlines were the weakest, with demand up 1.1% and capacity up 4.1%.
On trade lanes, Asia to North America grew fastest. Europe to Asia came next, then Europe to North America. Routes linked to the Gulf stayed disrupted by the conflict in the Middle East.
Freighters gain ground
Dedicated freighters took market share as belly-hold traffic on passenger flights fell. IATA’s chief economist, Marie Owens Thomsen, said that might reflect demand for larger or specialist shipments, and the operational flexibility freighters offer.
The wider backdrop was mixed. Global trade rose 7.5% year on year. Jet fuel climbed 12.2% from June and stood 56.9% above a year earlier. The global manufacturing PMI slipped 0.3 points to 52.7, while the new export orders index rose to 50.0. IATA called those two readings broadly supportive of air cargo demand.
“Looking ahead, the outlook remains broadly positive, supported by manufacturing activity, export orders and global trade,” Owens Thomsen said. “However, higher fuel prices, geopolitical tensions and tariff uncertainty will need to be watched carefully.”
