According to data released by the International Air Transport Association (IATA) for March 2026, total global air cargo demand, measured in cargo tonne-kilometers (CTKs), declined by 4.8% compared with March 2025. International cargo demand decreased by 5.5%.
Global air cargo capacity fell by 4.7% year-on-year, while international cargo capacity declined by 6.8%.
In March 2026, air cargo performance across major trade lanes showed mixed results. Africa-Asia routes led growth, followed by Asia-Europe. Intra-Asia markets also remained strong, supported by robust regional trade. In contrast, cargo corridors connected to the Gulf region experienced significant disruptions due to the ongoing conflict in the Middle East.
"Air cargo demand in March was down 4.8% compared to the previous year. This was primarily driven by severe disruptions at major Gulf hubs caused by the conflict in the Middle East. The usual slowdown following the Lunar New Year also contributed to the decline. Underlying demand trends remain strong, with the World Trade Organization (WTO) and the International Monetary Fund (IMF) recently revising their trade and GDP forecasts upward for continued growth in 2026. Importantly, air cargo networks continue to provide essential flexibility for global supply chains, enabling them to adapt to geopolitical, tariff, and operational pressures. Attention is now focused on fuel availability and prices, which are expected to test the industry's resilience in the coming months," said Willie Walsh, Director General of IATA.
Several factors in the operating environment should also be noted:
- Global industrial production increased by 3.1% year-on-year in February, marking the 38th consecutive month of expansion.
- Global merchandise trade grew by 8.0% year-on-year in February.
- Jet fuel prices surged by 106.6% year-on-year in March, while crude oil prices increased by 43.1% and refining margins jumped by 320%.
- Global manufacturing sentiment remained in expansion territory in March, although growth slowed slightly compared with February. The Purchasing Managers' Index (PMI) stood at 51.4.
- The New Export Orders PMI reached 50.1, remaining above the 50-point expansion threshold, indicating continued positive conditions for air cargo demand.
Regional air cargo performance in March was as follows:
- Asia-Pacific airlines recorded a 5.4% year-on-year increase in air cargo demand, with capacity rising by 5.0%.
- North American airlines saw air cargo demand decline by 1.2%, while capacity decreased by 1.1%.
- European airlines reported a 2.2% increase in air cargo demand, with capacity up 4.2%.
- Middle Eastern airlines experienced a 54.3% decline in air cargo demand, the weakest performance among all regions, while capacity fell by 52.4%.
- Latin American and Caribbean airlines recorded a 1.8% increase in air cargo demand, with capacity rising by 5.1%.
- African airlines achieved the strongest growth among all regions, with air cargo demand increasing by 7.0%, while capacity declined by 4.6%.