Global air cargo demand rose 4 per cent year-on-year in April 2026 despite persistent geopolitical disruptions and tightening global trade conditions, according to the latest monthly analysis released by the International Air Transport Association.
The report said industry-wide cargo load factor increased by 1.9 percentage points to 46 per cent during the month, reflecting tighter market conditions driven largely by reduced cargo capacity rather than faster traffic growth.
Europe recorded the highest cargo load factor at 53.4 per cent, while Africa and West Asia experienced the sharpest tightening due to operational disruptions affecting available cargo capacity.
According to IATA, Asia Pacific carriers benefited from resilient regional trade flows, while North American airlines posted moderate gains. Latin American and Caribbean carriers were the only regional outliers, reporting lower load factors amid weaker regional demand.
The report also highlighted mounting pressure on airline operating costs as jet fuel prices surged 121.1 per cent year-on-year, while Brent crude prices rose 77.7 per cent amid continuing tensions around the Strait of Hormuz. IATA noted that fuel markets remained particularly strained because of heavy dependence on West Asian refining and maritime trade routes.
Air cargo yields increased sharply during the month, with US dollar-denominated yields rising 17.8 per cent month-on-month and 32.2 per cent year-on-year. The increase was attributed to tightening capacity, elevated fuel costs and disruptions across major international trade corridors.
Global manufacturing activity improved during April, with the Manufacturing Output PMI rising to 53.4 — its highest level in nearly five years — while the New Export Orders Index edged up to 50.2, signalling expansion in industrial activity and external demand worldwide.
However, global trade conditions weakened sequentially as world trade volumes contracted month-on-month after four consecutive months of growth. In seasonally adjusted terms, air cargo demand declined 3.5 per cent during March, highlighting the vulnerability of global trade momentum to geopolitical shocks.
Regionally, Asia Pacific airlines recorded the highest air cargo demand growth at 10.5 per cent year-on-year in April, followed by Africa at 7.7 per cent and Europe at 6 per cent. West Asian carriers, however, witnessed an 18.2 per cent decline in cargo demand during the month.