IATA: Air Cargo up 5.5% ; Passenger Demand Growth 5.7%

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

• Total demand, measured in cargo tonne-kilometers (CTK), rose by 5.5% compared to November 2024 levels (+6.9% for international operations).
• Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.7% compared to November 2024 (+6.5% for international operations).

“Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritizing timely delivery in the lead-up to the year-end holiday season. Strong emerging market demand and selective Middle Eastern growth more than made-up for softness in the Americas amid ongoing adjustment to the new US tariff regime. Globally, the fourth quarter for air cargo was resilient as strategic re-routing of trade shaped performance across key markets. The strong end for 2025 bodes well for the air cargo industry as it enters the new year,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted:

• The global goods trade grew by 2% year-on-year in October.
• Jet fuel prices rose 5.9% in November despite falling crude prices, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity, pushing crack spreads close to double last year’s levels.
• Global manufacturing sentiment strengthened in November, with the PMI rising for the fourth consecutive month to reach 51.17. New export orders improved slightly to 49.87, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.

View November 2025 Air Cargo Market Analysis (pdf)

PASSENGER

• Total demand, measured in revenue passenger kilometers (RPK), was up 5.7% compared to November 2024. Total capacity, measured in available seat kilometers (ASK), increased 5.4% year-on-year. The load factor was 83.7% (+0.3 ppt compared to November 2024), a record high for November.
• International demand rose 7.7% compared to November 2024. Capacity was up 7.1% year-on-year, and the load factor was 84.0% (+0.4 ppt compared to November 2024).
• Domestic demand increased 2.7% compared to November 2024. Capacity was up 2.7% year-on-year. The load factor was 83.2% (unchanged compared to November 2024).

“November 2025 saw continued strong demand for air travel with year-on-year growth of 5.7%. Load factors reached a new record of 83.7% for the month as airlines continued to satisfy growing passenger demand amid continuing capacity constraints stemming from challenges in the aerospace supply chain. The new year’s resolution for the manufacturing sector must be to increase production to meet the needs of their airline customers. The backlog of more than 17,000 aircraft orders that we reached in 2025 must be reduced in 2026,” said Willie Walsh, IATA’s Director General.

View the November 2025 Air Passenger Market Analysis (pdf)