According to the latest global air cargo market data released by the International Air Transport Association (IATA) for March 2026, total demand, measured in cargo tonne-kilometers (CTKs), declined 4.8% year-on-year compared with March 2025, while international operations fell 5.5%. Capacity, measured in available cargo tonne-kilometers (ACTKs), decreased 4.7% year-on-year, with international capacity down 6.8%.
IATA Director General Willie Walsh stated: "Air cargo demand in March declined 4.8% year-on-year, mainly due to severe disruptions at major Gulf hubs caused by the conflict in the Middle East. The usual post-Lunar New Year slowdown in demand also coincided with these disruptions, amplifying the decline. However, the underlying demand for air cargo remains resilient. Even after recent adjustments by the World Trade Organization and the International Monetary Fund to trade and GDP growth forecasts, both institutions still expect global trade and economic growth to continue in 2026. More importantly, as supply chains adapt to geopolitical tensions, tariff changes, and operational pressures, air cargo networks are providing critical flexibility to support this transition. In the coming months, fuel supply and price trends will remain the most important variables for the industry and will continue to test the resilience of the air cargo sector."
Key indicators of the air cargo operating environment:
Global industrial production increased 3.1% year-on-year in February, marking the 38th consecutive month of expansion. Global goods trade rose 8.0% year-on-year in February. In March, jet fuel prices surged 106.6% year-on-year, while crude oil prices increased 43.1%, and refining margins jumped 320%.
Global manufacturing activity remained in expansion territory in March, although slightly lower than in February. The Purchasing Managers' Index (PMI) stood at 51.4. The new export orders PMI reached 50.1. Both indicators remained above the 50-point expansion threshold, signaling a supportive environment for air cargo demand.
Regional Cargo Market Performance
Asia-Pacific airlines recorded a 5.4% year-on-year increase in air cargo demand in March. Capacity increased 5.0% year-on-year.
North American airlines saw air cargo demand decline 1.2% year-on-year in March. Capacity decreased 1.1%.
European airlines reported a 2.2% year-on-year increase in air cargo demand in March. Capacity rose 4.2%.
Middle Eastern airlines experienced the sharpest decline among all regions, with air cargo demand plunging 54.3% year-on-year in March. Capacity dropped 52.4%.
Latin American and Caribbean airlines recorded a 1.8% year-on-year increase in air cargo demand in March. Capacity grew 5.1%.
African airlines posted the strongest growth among all regions, with air cargo demand rising 7.0% year-on-year in March. Capacity declined 4.6%.
Trade Lane Growth
Air cargo performance across major trade lanes showed mixed results in March. Africa–Asia routes led growth, followed by Asia–Europe routes, while intra-Asia trade lanes also remained strong. In contrast, ongoing conflict in the Middle East severely disrupted trade lanes connected to the Gulf region.
