The International Air Transport Association (IATA) released data for July 2025 global air cargo markets. Total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5% compared to July 2024 levels (+6.0% for international operations). Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 3.9% compared to July 2024 (+4.5% for international operations).
“Air cargo demand grew 5.5% in July, a strong result. Most major trade lanes reported growth, with one significant exception: Asia–North America, where demand was down 1.0% year-on-year. A sharp decline in e-commerce, as the US de minimis exemptions on small shipments expired, was likely offset by shippers frontloading goods in advance of rising tariffs for imports to the US. August will likely reveal more clearly the impact of shifting US trade policies. While much attention is rightly being focused on developments in markets connected to the US, it is important to keep a broad perspective on the global network. A fifth of air cargo travels on the Europe–Asia trade lane, which marked 29 months of consecutive expansion with 13.5% year-on-year growth in July,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
• The global goods trade grew by 3.1% year-on-year in June.
• The July jet fuel price was 9.1% lower year-on-year and has remained below 2024 levels so far this year, easing airlines’ operating costs. However, it was 4.3% higher than in June.
• Global manufacturing contracted in July with the PMI falling to 49.66, the second dip below the 50-mark growth threshold since January. New export orders also remained negative at 48.2 for the fourth month, reflecting waning confidence amid US trade policy uncertainty.
