Global air freight volumes continue to rise across the world, but the pace of growth has eased. According to data released by IATA, the volume of goods transported in May 2025, measured in cargo tonne-kilometres (CTK), increased by 2.2% compared to May 2024. However, there was a 1% decline compared to April 2025, indicating that global trade may be losing momentum.
According to the airline association, this slowdown is largely due to new regulations introduced by the United States. The increase in customs duties and the removal of the de minimis exemption—which had previously allowed low-value shipments to avoid tariffs—have disrupted traditional cargo routes, forcing airlines to reroute aircraft. This shift is making it more difficult to organise shipments efficiently.
Looking at the data by region, growth has not been uniform. The Asia-Pacific region recorded the highest increase at 8.3%, though this was slower than in April. The Middle East followed with a 3.6% rise, and Latin America with 3.1%. Europe posted modest growth of 1.6%, while Africa saw a decline of 2.1%. North America was the hardest hit, with a 5.8% drop compared to the previous year.
International traffic, which accounts for 87% of the total, rose by 3% year-on-year in May, though this too marked a slowdown from April. Airlines in the Asia-Pacific region led with an 8.2% increase, driven primarily by exports of technology products. The Middle East also performed well with a 3.7% rise, while Africa, Latin America and North America all experienced varying degrees of decline.
Among the major trade lanes, the route between Asia and Europe saw strong growth of 13.4% due to shifting traffic flows. Routes connecting the Middle East to Europe and North America to Europe also reported positive results. By contrast, the Asia–North America corridor suffered a sharp drop of 10.7% as a result of the end of the de minimis exemption in the US.
Total cargo capacity reached an all-time high of 52.6 billion available cargo tonne-kilometres (ACTK), up 2% from last year. This was mainly driven by the increase in passenger flights, which provide additional belly hold space. Belly capacity grew by 5.8%, while the capacity of dedicated freighter aircraft declined slightly.
The cargo load factor (CLF), which measures how much available space is actually used, remained steady at 44.5%. Europe recorded the highest load factor at 51.8%, while the Americas lagged behind, with North America at 38.2% and Latin America at 36.1%. The Asia-Pacific region showed slight improvement, and Africa posted a modest recovery.
One positive factor for airlines is the drop in fuel costs. Brent crude oil prices fell to 64.2 dollars per barrel, down 21.7% from last year, and jet fuel prices also dropped by 18.8%. This helps keep transport costs under control. However, broader economic indicators are raising concerns. Global industrial production has slowed, and in May the manufacturing PMI index fell below the 50-point threshold, signalling a phase of contraction. Export orders remain weak, despite a slight improvement.
