The International Air Transport Association reported strong growth in global air cargo markets in February 2026, supported by improving trade conditions and stronger manufacturing activity. Moreover, demand rose at a faster pace than capacity, signalling continued tightness in the global cargo market.
Demand growth outpaces capacity expansion
Total air cargo demand, measured in cargo tonne-kilometres, increased 11.2% compared to February 2025. Additionally, international demand rose 11.6%, highlighting sustained cross-border trade flows.
Capacity, measured in available cargo tonne-kilometres, increased 8.5% year-on-year. Furthermore, international capacity expanded by 9.8%, indicating airlines continued to add space despite supply chain uncertainty. As a result, market conditions remained supportive for cargo operators.
Trade and manufacturing indicators remain supportive
Broader economic trends reinforced the strong performance. Global goods trade grew 5.2% year-on-year in January, while manufacturing activity remained in expansion territory. Additionally, the Purchasing Managers’ Index reached 53.1, reflecting improved output and demand.
New export orders also strengthened, rising to 51.4, the highest level since July 2021. Therefore, the data pointed to favourable underlying conditions for continued air cargo growth.
Jet fuel prices rose 1.2% in February. However, volatility persisted due to shifting refining margins, keeping cost pressures in focus for operators.
Regional results led by Africa and the Middle East
Regional performance varied significantly. African airlines recorded the strongest growth, with demand rising 21.0% and capacity increasing 17.3%. Moreover, Middle Eastern carriers posted demand growth of 16.5% alongside a 13.5% rise in capacity.
Asia-Pacific airlines saw demand increase 13.6%, while capacity rose 10.1%. Additionally, North American carriers recorded a 9.4% rise in demand with capacity up 5.3%.
European airlines reported more moderate expansion, with demand rising 6.9% and capacity increasing 6.1%. Meanwhile, Latin American and Caribbean carriers posted the weakest performance, with demand up only 0.7% despite a 4.5% rise in capacity.
Willie Walsh, IATA’s Director General, said: “Air cargo demand grew 11.2% in February. Even considering the boost that February received from the movement of goods ahead of Lunar New Year, the month showed strong growth. The outbreak of war in the Middle East at the end of the month, however, makes it difficult to see how full-year performance will unfold. Sharply rising fuel costs, fuel scarcity in parts of the world, and the severe disruption to key cargo hubs in the Gulf are major shifts. While air cargo has repeatedly proven its resilience in the face of disruption, an early resolution of the war along with a normalisation of fuel supply and costs would be in everybody’s interest,”
