- International air cargo traffic grew by 3.9% year on year in July 2026, according to figures from Iata, with capacity rising at a slower pace, up 1.7%, pushing the global load factor to 46%, one percentage point higher. Asia-Pacific, Europe and North America accounted for more than 90% of this increase.
- The market is becoming polarised by aircraft type: freighters recorded a 13.9% surge, the highest rate in the past five years, while belly traffic fell by 7%, the first contraction in the category, partly because of the operational disruption seen on passenger flights during the summer.
- On international routes, Asia-North America accelerated by 9.2%, marking the sixth consecutive month of growth, supported by high ocean freight rates and advance ordering. Corridors towards the Middle East moved in the opposite direction, with Europe-Middle East down 16.1%. Fuel, meanwhile, rose by 56.9% compared with the previous year.
Air cargo transport ended July 2026 with a positive performance, although the trend differed between freighter and belly capacity. According to figures from Iata (International Air Transport Association), global demand, measured in cargo tonne-kilometres (CTK), rose by 3.9% year on year during the month, accelerating to 4.7% on international routes alone. Capacity, measured in available cargo tonne-kilometres (ACTK), increased more moderately, up 1.7%, with the figure standing at 1.8% for international traffic. The gap between the two trends pushed the load factor to 46%, one percentage point above the previous year’s level.
All macro-regions ended the month in positive territory, but with differing contributions. North America recorded the largest percentage increase, at 4.8%, while remaining the only region to cut capacity, which was reduced by 1.5%, with the load factor falling to 41.2%. Asia-Pacific, where demand rose by 4.1% against a 3% increase in capacity, made the largest contribution in absolute terms, adding 359.5 million CTK to the global total. Europe grew by 4.4%, with capacity rising by a more limited 1.3%. Latin America and the Caribbean expanded by 4.1%, supported by a sharp increase in supply, up 7%, while growth in the Middle East stopped at 1.7% against a 4.0% rise in capacity. Africa remained the weakest region, with demand between 1.1% and 1.7% and capacity up 4.1%. Marie Owens Thomsen, Senior Vice President Sustainability and Chief Economist at Iata, explained that Asia-Pacific, European and North American airlines alone accounted for more than 90% of the overall increase in demand.
The widest differences emerged on international routes. Asia-North America accelerated by 9.2%, its sixth consecutive month of growth, supported by high container shipping rates on the Pacific, operational constraints at several Chinese ports and advance ordering linked to uncertainty over customs tariffs. Europe-Asia continued its positive run, now extending to 41 months, with growth of 3.1%, although this reflected a slowdown in volumes linked to e-commerce. Intra-Asia routes rose by 6.1%. Corridors connected to the Middle East moved in the opposite direction: Europe-Middle East fell by 16.1% and Middle East-Asia by 14.1%, both affected by conflicts in the region and the resulting restructuring of air networks.
July also stood out for the split between aircraft types. Volumes carried on freighters increased by 13.9% year on year, the strongest rate in more than five years, while traffic carried in passenger aircraft holds fell by 7%, the first contraction in the category, penalised by operational disruption on summer passenger flights. According to Owens Thomsen, the gain in share by freighters at the expense of belly capacity may reflect the greater operational flexibility of dedicated aircraft and specific demand for special or oversized shipments.
The macroeconomic context continues to support air cargo. During the month, global goods trade rose by 7.5% year on year and purchasing managers’ indices (PMI) remained in expansion territory, with the global manufacturing PMI at 52.7 points and the new export orders index at 50. The rise in fuel prices remains a burden: the price of jet fuel increased by 12.2% month on month and by 56.9% compared with July 2025, driven by lower inventories and logistical and geopolitical disruption. Airlines were nevertheless able to pass on some of the costs through rates: average cargo yields were 24.7% higher than a year earlier.
A.M.B.
