Global air cargo demand rises 6% in May despite Middle East tensions

Global air cargo demand increased by 6.0% in May 2026 compared to the same period in 2025, according to the International Air Transport Association IATA. International operations saw an even higher rise of 6.5%. Cargo capacity also grew by 1.9% year-on-year, with international capacity up by 2.8%. This growth occurred despite ongoing geopolitical tensions in the Middle East, which led to an 8.9% contraction in cargo volumes for carriers in that region. IATA's Director-General, Willie Walsh, noted that strong demand reflects the industry's ability to adapt to changing market realities. Africa, Asia-Pacific, Europe, and North America all reported above-trend growth. Walsh expressed cautious optimism for the rest of the year, citing improving macroeconomic indicators, including a 5% year-on-year expansion in global trade and a rise in the Global Manufacturing Output Purchasing Managers’ Index to 53.5 in May. Jet fuel prices declined by 16.3% month-on-month in May, offering some operational relief, though prices remain significantly higher than a year prior. Export demand, however, remained relatively weak, with the New Export Orders Index below the 50-point mark at 49.6, indicating that cargo growth is driven by specific trade corridors rather than broad global export improvements.