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Total air cargo demand grew by 4.4% in March 2025, hitting a historic peak for the month compared to the previous year. This growth includes an increase of 5.5% in international operations. The capacity, measured in available cargo tonne-kilometers, expanded by 4.3%, with international operations seeing a rise of 6.1%.
Willie Walsh, IATA’s Director General, commented on the situation, saying, "March cargo volumes were strong. It is possible that this is partly a front-loading of demand as some businesses tried to beat the well-telegraphed 2 April tariff announcement by the Trump Administration. The uncertainty over how much of the 2 April proposals will be implemented may eventually weigh on trade."
Several factors influenced the cargo environment in March. Typically, March marks a rise in volumes following a February slowdown, consistent with pre-COVID growth patterns. Jet fuel prices fell by 17.3% year-on-year. The recent rise in US tariffs and changes in trade laws have also spurred early purchases to avoid higher fees. Additionally, world industrial output grew by 3.2%, and trade volumes rose by 2.9%.
