Global air cargo demand rises 4.4% in August as capacity tightens
Corridors linked to the Middle East remained under pressure.
GLOBAL – Global air cargo demand rose 4.4% year on year in August 2026, with international demand up 5.3%. Overall capacity declined 0.1%, according to the International Air Transport Association.
The August reading marked a moderation from June’s 8.5% growth but a slight acceleration from July’s 3.9%, reflecting a market that normalized after the mid-year peaks.
Stronger demand against constrained capacity lifted the global cargo load factor by 2.0 percentage points to 46.0%, producing the first month-on-month yield increase since April.
Jet fuel prices rose 8.3% month on month in August to US$157.0 per barrel, the highest August reading in 13 years, and stood 79.2% higher than a year earlier.
Month-on-month trend and regional divergence
Demand growth peaked at 6.0% in May and 8.5% in June, before slowing to 3.9% in July. Capacity growth has remained below demand throughout, except in June, when both grew at similar rates.
North American carriers recorded the strongest regional growth in August, with cargo tonne-kilometres up 6.6% year on year, while capacity fell 2.5%.
European carriers reported 4.1% demand growth despite a 3.5% capacity reduction, while the Middle East recorded the weakest regional growth at 1.0%, with capacity up 3.3%.
Meanwhile, Africa posted 3.0% demand growth but added 14.0% capacity, contributing to a 3.9 percentage point decline in the region’s cargo load factor to 36.5%.
Trade lane data showed further divergence. The Asia–North America corridor recorded 13.2% demand growth, representing 23.5% of industry CTK. Intra-Asia demand rose 6.1%, while Europe–Asia increased 3.1% across 42 consecutive months.
Corridors linked to the Middle East remained under pressure, with Europe–Middle East demand falling 12.1% and Middle East–Asia demand falling 11.0%, both marking six consecutive months of contraction. Africa–Asia demand fell 11.9%, extending the contraction to three consecutive months.
Global trade increased 6.0% year on year in July, extending consecutive monthly expansions to 33 months.
Moreover, the Global Manufacturing Output Purchasing Managers’ Index rose 0.3 points to 53.0 in August, while the New Export Orders Index increased 1.4 points to 51.4, both remaining in territory supportive of air cargo demand.
Lastly, for cargo operators, the August data signals that yield recovery is achievable where capacity discipline is maintained, but regional capacity additions outpacing demand, most notably in Africa, carry the risk of load factor and pricing pressure heading into the peak season.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
