Global air cargo demand grew by 4.1% year-on-year in October 2025, up from 2.9% in September, IATA reported. The association notes that the slowdown in cargo turnover observed in recent months is ending, as the peak season traditionally occurs in the fourth quarter. The international segment increased by 4.8% and now accounts for 87.3% of global cargo turnover.
The largest increases in cargo traffic were recorded in Africa (+16.6%) and the Asia-Pacific region (+8.3%), while North America posted a third consecutive month of decline, down 2.7%. A similar decline was observed in Latin America and the Caribbean. At the same time, airlines expanded capacity: available tonne-kilometers increased by 5.1% compared to October last year, including a 6.4% increase in international traffic.
Despite rising demand, profitability continues to decline: freight revenue, including fuel surcharges, fell by 4.7% year-on-year for the sixth consecutive month. The market is under pressure from last year’s higher fuel surcharges, as well as supply growing faster than demand. According to IATA, these factors continue to reduce carriers’ profitability, even despite the traditional year-end rate increases.