Global air cargo demand up 8.5% in July. Photo: Shutterstock Global air cargo demand continued to grow in September 2026, increasing by 7.7% compared with the same month last year, according to the latest figures from the International Air Transport Association (IATA). However, sharply higher jet fuel prices are putting pressure on airline profitability, with fuel costs more than doubling year-on-year.
Demand, measured in cargo tonne-kilometers (CTK), rose alongside a 2.7% increase in available cargo capacity. International cargo demand performed slightly better than the overall market, recording an 8.6% annual increase, while international capacity grew by 3.3%.
Despite the positive traffic figures, IATA warned that higher operating costs are making it harder for airlines to turn cargo growth into stronger financial results.
“Air cargo demand rose 7.7% year-on-year in September, with growth across all regions. Stronger global trade and manufacturing provided a supportive backdrop, while AI-related shipments helped drive another month of double-digit growth across the Pacific,” said Marie Owens Thomsen, IATA’s Senior Vice President Sustainability and Chief Economist.
She added that jet fuel prices had more than doubled compared with a year earlier, while cargo yields had not kept pace. As a result, airlines are facing greater difficulty operating profitably despite continued demand for shipments.
North American carriers recorded the strongest regional growth in September, with cargo demand rising 11.8% year-on-year. Capacity increased by just 0.8%, contributing to a 4.3-percentage-point improvement in the cargo load factor.
Asia-Pacific airlines reported an 8.6% increase in demand, while capacity grew by 4.9%. The region accounts for the largest share of the global air cargo market, at 35.8%.
In Europe, demand increased by 4.5%, while available capacity fell by 1.6%. The cargo load factor rose by 3.2 percentage points to 54.6%, the highest level among the regions covered by the report.
Middle Eastern carriers recorded the weakest demand growth, at 3.8%, while capacity expanded by 7%. Their cargo load factor consequently fell by 1.4 percentage points. Latin American and Caribbean airlines reported a 6.7% increase in demand, compared with 7.6% capacity growth. African carriers saw demand rise by 4.7%, while capacity declined by 1.2%.
Trade lane figures showed particularly strong growth between Asia and North America. Cargo traffic on the route increased by 17% year-on-year, marking its eighth consecutive month of expansion. Traffic within Asia rose by 10.2%, extending its growth streak to 35 months.
Europe-North America traffic increased by 9.3%, while Europe-Asia recorded 6% growth, its 43rd consecutive month of expansion. By contrast, routes connecting the Middle East with Europe and Asia continued to contract. Europe-Middle East traffic fell by 18%, while Middle East-Asia shipments declined by 10.2%. Both corridors recorded seven consecutive months of contraction.
The broader economic environment continued to support cargo activity. Global trade grew by 3.6% year-on-year in August, extending the period of consecutive monthly growth to 42 months. Manufacturing indicators also improved, with the Global Manufacturing Output Purchasing Managers’ Index rising to 53.8 and the New Export Orders Index reaching 51.9. Both were at their highest levels in five years.
Fuel costs remain a significant concern. Jet fuel prices rose by 17.5% in September compared with August and were 103.4% higher than in September 2025.
The figures suggest that the air cargo market is benefiting from stronger trade and manufacturing activity, but airlines are facing a growing challenge in managing the cost of carrying that additional freight.