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"January marked 18 consecutive months of growth for air cargo, but the month’s 3.2% year-on-year growth is a moderation from double-digit peaks in 2024. Similarly, yields, while still above January 2024 levels, saw a 9.9% decline from December as cargo load factors also declined by an average of 1.5 percentage points.
"While external factors such as trade growth, declining fuel costs and expanding e-commerce remain positive for air cargo, it is important to closely watch the evolution of market conditions at this time.
"In particular, the wild card is the potential for tariff-driven trade policies from the US Trump Administration. Fortunately, the air cargo industry is well practiced at dealing with shifts in the operating environment," said Willie Walsh, Iata’s director general.
• Year-on-year, industrial production rose 2.6% in December. Global goods trade grew for a ninth consecutive month, reporting a 3.3% increase in December.
• The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for January, indicating growth. At 50.62, this was the highest reading since July 2024. The PMI for new export orders rose to 49.37, remaining just shy of the 50-mark, which is the growth threshold.
• In January, consumer inflation in the US and Europe both rose by 0.1 percentage points to 3.0% and 2.8%, respectively. Chinese consumer inflation rebounded to 0.5% in January, after progressively falling to 0.1% in the previous four months.
Asia-Pacific airlines saw 7.5% year-on-year demand growth for air cargo in January. Capacity increased by 10.9% year-on-year.
North American carriers saw 5.3% year-on-year demand growth for air cargo in January. Capacity increased by 7.5% year-on-year.
European carriers saw 1.3% year-on-year demand growth for air cargo in January. Capacity increased 3.5% year-on-year.
Middle Eastern carriers saw an 8.4% year-on-year demand decrease for air cargo in January, the slowest among the regions. Capacity decreased by 1.2% year-on-year.
Latin American carriers saw an 11.2% year-on-year increase in demand growth for air cargo in January, the strongest growth among the regions. Capacity increased 10.6% year-on-year.
African airlines saw a 3.4% year-on-year decrease in demand for air cargo in January. Capacity increased by 5.4% year-on-year.
Trade Lane Growth: Most international routes experienced growth in January. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.