Global air cargo demand increased by 7.7% year-on-year in September 2026, marking an acceleration from the 4.4% growth recorded in August, according to the International Air Transport Association (IATA).
The increase was recorded across all airline regions, although the pace of growth differed considerably. North American carriers led the market, while African airlines also reported an increase in demand despite operating with less available cargo capacity.
International cargo traffic performed particularly well, increasing by 8.6% compared with September 2025.
Available capacity grew at a slower rate of 2.7%, lifting the global cargo load factor by 2.2 percentage points to 47.9%.
North American Airlines Lead Regional Performance
North American carriers recorded the strongest regional increase, with cargo demand rising by 11.8% year-on-year. Available capacity increased by just 0.8%, resulting in a 4.3 percentage-point improvement in the regional cargo load factor.
Asia-Pacific airlines followed with an 8.6% increase in demand, supported by a 4.9% expansion in capacity. The region remains the largest contributor to the international air cargo market, accounting for 35.8% of global traffic in 2025. Traffic between Asia and North America increased by 17% during September, marking eight consecutive months of growth.
Shipments associated with artificial intelligence infrastructure, including semiconductors and servers, have contributed to stronger freight activity across the Pacific.
European carriers recorded a 4.5% increase in demand, although capacity declined by 1.6%. Latin American and Caribbean airlines reported 6.7% growth, while Middle Eastern carriers recorded the lowest regional increase at 3.8%.
African Airlines Record Higher Demand
African airlines recorded a 4.7% increase in cargo demand during September, while available capacity declined by 1.2%.
The difference between the two figures lifted the regional cargo load factor by 2.7 percentage points to 47%. African carriers accounted for 2.1% of the global air cargo market in 2025.
The Africa-Asia trade corridor also returned to growth, recording a 2.6% increase in cargo traffic. The route accounts for 1.3% of global air cargo traffic, making it a relatively small but important component of the international freight market.
Fuel Prices Continue to Pressure Airlines
Stronger demand has not removed the financial challenges facing cargo operators. Fuel costs increased substantially during September, with jet fuel prices rising by 17.5% compared with August and reaching 103.4% above their September 2025 level.
Cargo yields increased by 25.9% year-on-year, although the increase remained considerably below the rise in fuel prices. The difference presents an additional challenge for airlines attempting to translate higher freight volumes into improved financial performance.
Marie Owens Thomsen, IATA’s Senior Vice President for Sustainability and Chief Economist, pointed to stronger global trade and manufacturing activity as important contributors to the increase in demand. She also noted the contribution of artificial intelligence-related shipments to continued growth across the Pacific.
The association warned that the availability of goods to transport was not the primary concern for airlines, with higher fuel expenses making profitable cargo operations increasingly difficult.
Global Trade Provides Support
Global trade increased by 3.6% year-on-year in August, extending its run of consecutive monthly expansions to 42 months.
Manufacturing indicators also improved. The Global Manufacturing Output Purchasing Managers’ Index increased by 0.7 points to 53.8, while the New Export Orders Index rose by 0.5 points to 51.9. Both reached their highest levels in five years.
