The International Air Transport Association (IATA) released data for September 2025 global air cargo markets showing:• Total demand, measured in cargo tonne-kilometers (CTK), rose by 2.9% compared to September 2024 levels (+3.2% for international operations). • Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 3.0% compared to September 2024 (+4.4% for international operations). “Air cargo demand grew 2.9% year-on-year in September, marking the seventh consecutive month of overall growth. Buried in that growth is a significant alteration of trade patterns as US tariff policies, including the ending of de minimis exemptions, kick in. On one side of the equation, a decline in North America-Asia demand has set in over the last five months. But this has been more than compensated for with strong growth within Asia and on routes linking Asia to Europe, Africa and the Middle East. While many had feared an unwinding of global trade, we are instead seeing air cargo adapting successfully to serve shifting market demands,” said Willie Walsh, IATA’s Director General. Several factors in the operating environment should be noted: • The global goods trade grew by 3.7% year-on-year in August. • Jet fuel prices rose 5.4% in September despite lower oil prices, driven by a tighter diesel market, which doubled the crack spread year-on-year. • Global manufacturing sentiment strengthened in September, with the PMI rising for the second straight month to reach 51.3. New export orders improved slightly to 49.6 but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty. | 