Global air cargo demand declined in March as the Middle East conflict disrupted major Gulf hubs and added pressure to an already complex operating environment.
According to IATA, total demand measured in cargo tonne-kilometers fell 4.8% compared with March 2025. Capacity, measured in available cargo tonne-kilometers, decreased 4.7%, while the cargo load factor remained stable at 47.9%.
The decline followed several overlapping pressures: disruptions linked to the Middle East conflict, the usual post-Lunar New Year slowdown, and higher fuel costs. Jet fuel prices rose 106.6% year on year, reaching their highest level in more than 23 years and pushing cargo yields up 18.9%.
Middle Eastern airlines recorded the weakest regional performance, with demand falling 54.3% and capacity down 52.4%.
Most other regions performed better. African airlines led growth with a 7% increase in demand, despite a 4.6% capacity decline. Asia Pacific demand rose 5.4%, Europe increased 2.2%, and Latin America and the Caribbean grew 1.8%. North America was the only other region to decline, with demand down 1.2%.
IATA said underlying trade indicators remained positive. Global industrial production grew 3.1% in February, global goods trade increased 8%, and the global manufacturing PMI remained in expansion territory at 51.4.
Trade lane performance was mixed. Africa–Asia led growth, followed by Asia–Europe, while intra-Asia remained strong. Gulf-linked corridors, however, were heavily disrupted by the conflict.
