Core Insights - The global air cargo demand increased by 5.5% year-on-year in November 2025, driven by the upcoming holiday season and shippers' focus on timely transportation [1] - The overall air cargo capacity grew by 4.7% year-on-year, with international capacity increasing by 6.5% [1] - Emerging markets showed strong demand, particularly in the Middle East, which offset a temporary decline in the Americas due to adjustments to new U.S. tariff regulations [1] Air Cargo Market Performance - Global air cargo trade grew by 3.2% year-on-year in October [1] - November saw a 5.9% increase in aviation fuel prices, influenced by refinery disruptions and EU restrictions on Russian oil products [1] - The overall market's load factor improved by 0.4% to 49.1% in November [3] Regional Performance - Asia-Pacific airlines experienced a 10.3% increase in air cargo demand and an 8.4% increase in capacity [4] - European airlines reported a 5.8% increase in demand and a 4.1% increase in capacity [4] - Middle Eastern airlines saw a 7.4% increase in demand and an 11.0% increase in capacity [4] - North American airlines faced a 1.6% decline in demand and a 2.3% decline in capacity [4] - Latin American airlines had the weakest performance with a 4.8% decline in demand and a 3.0% decline in capacity [4] - African airlines led the growth with a 15.6% increase in demand and an 18.1% increase in capacity [4] Trade Lane Growth - All major trade lanes experienced growth in air cargo volume in November 2025 [5] - The Asia-North America trade lane grew by 1.8%, while Europe-Asia saw an 11.7% increase, marking 33 consecutive months of growth [5] - The Middle East-Asia trade lane increased by 11.1%, continuing a 9-month growth trend [5] - Intra-Asia trade grew by 15.8%, maintaining a 25-month growth streak [5] - The North America-Europe trade lane increased by 5.0%, marking 22 months of growth [5]

Core Insights - The International Air Transport Association (IATA) reported a 4.1% year-on-year increase in global air freight demand (measured in cargo tonne-kilometers, CTK) for October 2025, with international demand growing by 4.8% [1] - Available cargo tonne-kilometers (ACTK) increased by 5.1% year-on-year, with international capacity rising by 6.4% [1] - October marked the eighth consecutive month of growth in air freight demand, setting a new monthly record [1] - Despite a six-month decline in the Asia-North America trade route, significant growth was observed in intra-Asia, Middle East-Europe, and Europe-Asia routes, indicating a shift in air freight dynamics [1] Air Freight Market Performance - Global air freight trade grew by 5.3% year-on-year in September, while global industrial production increased by 3.7%, marking the fastest growth since March 2025 [1] - In October, despite a drop in crude oil prices, aviation fuel prices rose by 2.5%, with the aviation fuel crack spread nearly double that of the previous year [1] Regional Performance - Asia-Pacific airlines saw an 8.3% increase in air freight demand and a 7.3% increase in capacity [4] - European airlines experienced a 4.3% increase in demand and a corresponding 4.3% increase in capacity [4] - Middle Eastern airlines reported a 5.7% increase in demand and a 10.0% increase in capacity [4] - North American airlines faced a 2.7% decline in demand, the worst performance among all regions, with a slight capacity increase of 0.1% [4] - Latin American airlines also saw a 2.7% decline in demand, with a 2.8% increase in capacity [4] - African airlines had the strongest growth, with a 16.6% increase in demand and a 20.0% increase in capacity [4] Trade Route Analysis - The Asia-North America route declined by 1.4%, marking six consecutive months of decrease [5] - The Europe-Asia route grew by 11.7%, continuing a 32-month growth streak [5] - The Middle East-Asia route increased by 11.5%, maintaining an eight-month growth trend [5] - Intra-Asia routes grew by 9.0%, continuing a 24-month growth streak [5] - The Europe-North America route increased by 2.6%, marking 21 months of growth [5] - The Africa-Asia route grew by 10.9%, continuing a four-month growth trend [5]

Core Insights - The International Air Transport Association (IATA) reported a 5.5% year-on-year increase in global air freight demand for July 2025, with international demand growing by 6.0% [1] - Air freight capacity also saw a year-on-year increase of 3.9%, with international capacity rising by 4.5% [1] - The demand for air freight in the Asia-North America route decreased by 1.0%, while most major trade routes experienced growth [1] Air Freight Demand and Capacity - Global air freight demand increased by 5.5% year-on-year, while capacity grew by 3.9% [1][3] - The load factor for the overall market improved by 0.7%, reaching 45.1% [3] Regional Performance - Asia-Pacific airlines experienced the highest growth in air freight demand at 11.1%, with capacity increasing by 7.3% [4] - European airlines saw a 4.1% increase in demand and a 4.0% rise in capacity [4] - North American airlines had the slowest growth at 0.7%, with a capacity decline of 0.6% [4] - Latin American airlines reported a 2.4% increase in demand and a 3.8% increase in capacity [4] - Middle Eastern airlines had a 2.6% increase in demand and a 5.9% rise in capacity [4] - African airlines saw a 9.4% increase in demand, but capacity slightly decreased by 0.1% [4] Trade Route Insights - The Europe-Asia trade route experienced a significant growth of 13.5%, marking 29 consecutive months of growth [5] - The Asia-North America route has seen a decline for three consecutive months, with a decrease of 1.0% [5] - The Middle East-Asia route grew by 8.5%, continuing a five-month growth trend [5] - The intra-Asia route also showed strong performance with a 10.3% increase, maintaining 21 months of growth [5]

Core Insights - Global air freight demand increased by 2.2% year-on-year in May 2024, with international demand growing by 3.0% [1] - Air freight capacity also saw a year-on-year increase of 2.0% in May 2024, with international capacity rising by 2.6% [1] Industry Performance - The resilience of the air freight industry is highlighted despite a 10.7% decline in cargo volume from Asia to North America due to changes in U.S. tariff policies [1] - Global industrial production grew by 2.6% year-on-year in April 2025, while air freight volume surged by 6.8%, outpacing global trade growth of 3.8% [1] - In May 2025, jet fuel prices decreased by 18.8% year-on-year and 4.3% month-on-month [1] Regional Analysis - Asia-Pacific airlines experienced the highest growth in air freight demand at 8.3% year-on-year in May 2024, with capacity increasing by 5.7% [1] - North American airlines saw a decline in air freight demand by 5.8% year-on-year, marking the slowest growth among all regions, with capacity down by 3.2% [2] - European airlines reported a 1.6% increase in air freight demand and a 1.5% rise in capacity [2] - Middle Eastern airlines experienced a 3.6% growth in demand and a 4.2% increase in capacity [2] - Latin American airlines had a 3.1% increase in demand and a 3.5% rise in capacity [2] - African airlines faced a 2.1% decline in demand, while capacity grew by 2.7% [2]