Air cargo recorded robust growth in March 2025, reaching record levels for this time of year. According to figures released by the International Air Transport Association, global demand measured in cargo tonne-kilometres rose by 4.4% year-on-year. International shipments grew even more sharply, registering a 5.5% increase. Available capacity expanded by 4.3% compared to March 2024, with international operations alone rising by 6.1%. The load factor remained essentially stable at 47.5%, indicating a balanced relationship between supply and demand.
According to Willie Walsh, Director General of IATA, this strong performance may have been fuelled by an acceleration in shipments ahead of tariff increases announced by the US administration in early April. Simultaneously, the progressive reduction in fuel costs—down 17.3% year-on-year—provided additional support to cargo operators, offering some relief on margins in a global economic climate still marked by uncertainty.
Regionally, Asia-Pacific confirmed its leading role in the recovery of air freight, with demand growing by 9.6% and capacity by 11.3%. North America recorded similar results, with demand up 9.5% and capacity increasing by 6.1%.
In Europe, growth remained solid though more moderate, with demand rising by 4.5% and capacity by 2%. Latin America also showed encouraging signs, with demand climbing 5.8% and capacity up 4.7%. Results were more mixed in the Middle East, where demand fell by 3.2% despite a slight increase in capacity of 0.8%. The downturn was even more pronounced in Africa, where demand plummeted by 13.4% while available capacity paradoxically grew by 10.5%, widening the gap between supply and demand.
These regional trends occurred within a moderately expanding macroeconomic context: global industrial production increased by 3.2% and trade volumes by 2.9%, supported by contained inflation levels across most advanced economies. Nonetheless, the picture remains uneven, as illustrated by deflation in China (-0.1%) contrasting with moderate inflation observed in the United States (2.4%), the European Union (2.5%) and Japan (3.6%).
