IATA: May Air Cargo Demand Up 2.2% Despite Trade Disruptions; Passenger Growth Hits 5% in May

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

• Total demand, measured in cargo tonne-kilometers (CTK), rose by 2.2% compared to May 2024 levels (+3.0% for international operations).
• Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 2.0% compared to May 2024 (+2.6% for international operations).

“Air cargo demand globally grew 2.2% in May. That is encouraging news as a 10.7% drop in traffic on the Asia to North America trade lane illustrated the dampening effect of shifting US trade policies. Even as these policies evolve, already we can see the air cargo sector’s well-tested resilience helping shippers to accommodate supply chain needs to flexibly hold back, re-route or accelerate deliveries,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted:

• Year-on-year, world industrial production rose 2.6% in April 2025. Air cargo volumes grew 6.8% over the same period, outpacing global goods trade growth of 3.8%.
• Jet fuel prices in May 2025 were 18.8% lower than the previous year and 4.3% below the previous month.
• Global manufacturing contracted in May, with the PMI falling to 49.1, below the 50 mark that signals growth. New export orders also remained in negative territory at 48, reflecting pressure from recent U.S. trade policy changes.

View May 2025 Air Cargo Market Analysis (pdf)

PASSENGER

The International Air Transport Association (IATA) released data for May 2025 global passenger demand with the following highlights:

• Total demand, measured in revenue passenger kilometers (RPK), was up 5.0% compared to May 2024. Total capacity, measured in available seat kilometers (ASK), was also up 5.0% year-on-year. The May load factor was 83.4% (-0.1 ppt compared to May 2024).
• International demand rose 6.7% compared to May 2024. Capacity was up 6.4% year-on-year, and the load factor was 83.2% (+0.2 ppt compared to May 2024). This is a record load factor on international flights for May.
• Domestic demand increased 2.1% compared to May 2024. Capacity was up 2.8% year-on-year. The load factor was 83.7% (-0.5 ppt compared to May 2024).

“Air travel demand growth was uneven in May. Globally, the industry reported 5% growth with Asia-Pacific taking the lead at 9.4%. The outlier was North America which reported a 0.5% decline, led by a 1.7% fall in the US domestic market. Severe disruptions in the Middle East in late June remind us that geopolitical instability remains a challenge in some regions as airlines maintain safe operations with minimal passenger inconvenience. The impact of such instability on oil prices—which remained low throughout May—is also a critical factor to monitor. Importantly, consumer confidence appears to be strong with forward bookings for the peak Northern summer travel season, giving good reason for optimism,” said Willie Walsh, IATA’s Director General.

View the May 2025 Air Passenger Market Analysis (pdf)