The global air cargo market in March 2026 experienced a 4.8% decline in demand compared to the previous year, amid a challenging geopolitical situation in the Middle East and seasonal factors. International cargo flows declined by 5.5%, while total industry capacity decreased by 4.7%. Meanwhile, the cargo load factor remained stable at 47.9%, indicating the market has partially adjusted to the decline in volumes.
The most significant decline was recorded in the Middle East, where the CTK rate fell by 54.3% due to deteriorating hub connectivity and reduced route network reliability. Meanwhile, Africa performed better, growing by 7% thanks to the redistribution of bypass flows. Moderate growth was also demonstrated by Europe (+2.2%), Latin America and the Caribbean (+1.8%), and the Asia-Pacific region (+5.5%), while North America declined slightly by 1.1%, reflecting weakening transatlantic momentum. The most resilient route was Europe-Asia, with growth of 14.2%, while routes to the Persian Gulf countries experienced significant pressure.
An additional factor was the sharp rise in energy prices: Brent crude oil rose by 43.1% year-on-year, while jet fuel costs increased by 106.6%, reaching a more than 23-year high. This led to an 18.9% increase in freight rates amid inflationary pressure. At the same time, demand for dedicated freighters proved more resilient than for cargo in the cargo holds of passenger airliners, the volume of which fell by 12.1%, confirming the importance of freighter fleet flexibility on long international corridors.