Air Cargo Demand Grows 4.4% in March

Translations: Hausse de 4,4 % du fret aérien en mars (pdf)

Demanda por carga aérea cresce 4,4% em março (pdf)

Geneva – The International Air Transport Association (IATA) released data for March 2025 global air cargo markets showing:

Total demand, measured in cargo tonne-kilometers (CTK), increased by 4.4% compared to March 2024 levels (+5.5% for international operations), a historic peak for March.
Capacity, measured in available cargo tonne-kilometers (ACTK), expanded by 4.3% compared to March 2024 (+6.1% for international operations).

“March cargo volumes were strong. It is possible that this is partly a front-loading of demand as some businesses tried to beat the well-telegraphed 2 April tariff announcement by the Trump Administration. The uncertainty over how much of the 2 April proposals will be implemented may eventually weigh on trade. In the meantime, the lower fuel costs—which are also a result of the same uncertainty—are a short-term positive factor for air cargo. And, within the temporary pause on implementation we hope that political leaders will be able to shift trade tensions to reliable agreements that can restore confidence in global supply chains,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted:

March volumes typically rise after a lull in February, and this single-digit increase is in line with pre-COVID growth trends.
Jet fuel prices dropped 17.3% year-on-year, marking nine straight months of year-on-year declines.
The sharp rise in US tariffs and new trade rules, especially the 2 May ban on duty-free imports from China and Hong Kong, may have prompted companies and buyers to make purchases in advance to avoid significant import fees.
World industrial output grew 3.2% year-on-year, and trade volumes expanded 2.9%. Many key Consumer Price Inflation (CPI) indices fell: US inflation was 2.4%, down 0.4 points from February, EU CPI was 2.5% and Japan’s rate fell 0.1% to 3.6%. China remains in deflation but this eased to -0.1%.

Air Cargo Market in Detail

March 2025 (%year-on-year)	World Share *1	CTK	ACTK	CLF (%-pt) *2	CLF (level) *3
Total Market	100%	4.4%	4.3%	0.0%	47.5%
Africa	2.0%	-13.4%	10.8%	-10.4%	37.1%
Asia Pacific	34.2%	9.3%	7.6%	0.8%	48.6%
Europe	21.5%	4.4%	2.8%	0.9%	59.6%
Latin America	2.9%	5.6%	5.2%	0.1%	39.5%
Middle East	13.6%	-3.3%	0.9%	-2.0%	47.6%
North America	25.8%	3.7%	2.6%	0.5%	40.7%

(*1) % of industry CTKs in 2024 (*2) Year-on-year change in load factor (*3) Load factor level

March Regional Performance

Asia-Pacific airlines saw 9.6% year-on-year demand growth for air cargo in March, the strongest growth among the regions. Capacity increased by 11.3% year-on-year.

North American carriers saw a 9.5% year-on-year increase in demand growth for air cargo in March. Capacity increased by 6.1% year-on-year.

European carriers saw a 4.5% year-on-year increase in demand growth for air cargo in March. Capacity increased 2.0% year-on-year.

Middle Eastern carriers saw a -3.2% year-on-year decrease in demand growth for air cargo in March. Capacity increased by 0.8% year-on-year. It’s possible the weakness in this market is due to year-on-year comparison with the strong growth at the start of 2024 resulting from disruption to Red Sea maritime freight.

Latin American carriers saw 5.8% year-on-year demand growth for air cargo in March. Capacity increased 4.7% year-on-year.

African airlines saw a -13.4% year-on-year decrease in demand for air cargo in March, the slowest among the regions. Capacity increased by 10.5% year-on-year.

Trade Lane Growth: The Europe-North America route was the busiest trade lane in March. The largest trade lane by market share, Asia-North America, also grew strongly, possibly encouraged by front-loading shipments ahead of potential increased tariffs. Europe-Middle East and Africa-Asia were the only trade lanes to decline in March.

Trade Lane	YoY growth	Notes	Market share of industry*
Asia-North America	+7.3%	This route has resumed growth after a revised fall of 0.5% in February	24.4%
Europe-Asia	+8.3%	25 consecutive months of growth	20.5%
Europe-Middle East	-7.5%		5.7%
Middle East-Asia	+2.9%		7.3%
Within Asia	+5.5%	17 consecutive months of growth	7.0%
Europe-North America	+8.5%	14 consecutive months of growth	13.3%
Africa-Asia	-40.2%	4 consecutive months of decline	1.4%
Within Europe	-5.2%		2.0%

*Share is based on full-year 2024 CTKs.

> View March 2025 Air Cargo Market Analysis (pdf)

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Notes for Editors:

IATA (International Air Transport Association) represents some 340 airlines comprising over 80% of global air traffic.
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Explanation of measurement terms:
- CTK: cargo tonne-kilometres measures actual cargo traffic
- ACTK: available cargo tonne-kilometres measures available total cargo capacity
- CLF: cargo load factor is % of ACTKs used
IATA statistics cover international and domestic scheduled air cargo for IATA member and non-member airlines.
Total cargo traffic market share by region of carriers in terms of CTK is: Asia-Pacific 34.2%, Europe 21.5%, North America 25.8%, Middle East 13.6%, Latin America 2.9%, and Africa 2.0%.

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