Global air cargo demand rose 4.4% year-on-year in August 2026, measured in cargo tonne-kilometers, while capacity contracted by 0.1%, IATA reported from Geneva. International operations grew 5.1% faster than the market overall, with international capacity essentially flat at +0.1%.

The result pushed the industry-wide cargo load factor up 2.0 percentage points to 46.0%. Every region reported demand growth — a distinction that mattered little for carriers' cost lines, given jet fuel prices stood 79.2% higher than in August 2025 and rose another 8.3% month-on-month in August.

"Air cargo demand rose 4.4% year-on-year in August with all regions reporting growth even as capacity was trimmed by 0.1%. Strong demand and higher load factors helped airlines to recoup some of the exceptionally high fuel costs. Yields rose month-on-month for the first time since April, while global goods trade growth continues. Both are positive signs as the year-end peak season comes into view," said Marie Owens Thomsen, IATA's Senior Vice President Sustainability and Chief Economist.

The demand growth rests on a trade backdrop that has now held for nearly three years. Global trade expanded 6.0% year-on-year in July, IATA said, extending a run of consecutive monthly expansions to 33 months. Manufacturing indicators also pointed upward: the Global Manufacturing Output PMI rose 0.3 points to 53.0 in August, and the New Export Orders Index gained 1.4 points to 51.4 — both above the 50-point threshold that signals expansion and both supportive of air cargo volumes.

Regional split

North American carriers posted the strongest performance, with demand up 6.6% year-on-year even as capacity fell 2.5% — the tightest supply-demand squeeze of any region, and a load factor gain of 3.6 percentage points to 42.0%. North America accounts for 24.6% of industry CTKs.

Asia-Pacific carriers, holding the largest share at 35.8%, grew demand 4.3% on capacity up 1.2%. European airlines increased demand 4.1% while cutting capacity 3.5%, lifting load factors 3.9 percentage points to 53.0% — the highest load factor level of any region.

Latin America and the Caribbean grew 5.1% on capacity up 3.3%. African airlines expanded demand 3.0% but grew capacity 14.0% by far the most aggressive fleet input of any region — driving load factors down 3.9 percentage points to 36.5%. Middle Eastern carriers recorded the weakest demand growth at 1.0% on capacity up 3.3%, with load factors slipping 1.0 point to 43.1%.

Trade lanes diverge

The Gulf disruption is visible in the lane data. Europe–Middle East volumes contracted 12.1% year-on-year, the sixth consecutive month of decline, and Middle East–Asia fell 11.0%, also for a sixth straight month. IATA attributed the weakness in Gulf-linked corridors to the conflict in the Middle East.

Africa–Asia shrank 11.9%, a third consecutive month of contraction, on a lane that represents just 1.3% of the industry.

The trans-Pacific lane did the heavy lifting. Asia–North America grew 13.2% year-on-year, its seventh consecutive month of growth, and remains the industry's largest lane at 23.5% of full-year 2025 CTKs. Within Asia expanded 6.1% — 34 consecutive months of growth — while Europe–Asia added 3.1% over 42 consecutive months of expansion. Europe–North America grew 4.3%, its fourth straight monthly increase.

The combination of rising yields — up month-on-month for the first time since April — tightening capacity, and load factors at 46% gives carriers leverage heading into the peak season that discretionary passenger belly capacity and high fuel burn may not fully offset.