Global air cargo continued its steady momentum in July, according to the latest data from the International Air Transport Association (IATA). For freight forwarders managing international volumes, the numbers tell a clear story: demand is growing, freighters are gaining ground, and trade lanes are shifting in ways worth watching closely.
IATA's July 2026 report shows healthy year-on-year growth across the board:
The gap between demand growth and slower capacity expansion points to tighter conditions on key routes — a dynamic that directly affects rate negotiations and space planning.
Marie Owens Thomsen, IATA's Senior Vice President Sustainability and Chief Economist, put the results into context:
"Air cargo demand grew 3.9% year-on-year in July. While all regions recorded growth, airlines in Asia-Pacific, Europe and North America accounted for more than 90% of the overall increase. Dedicated freighters gained market share as belly-hold traffic declined, possibly reflecting demand for larger or specialist shipments and the operational flexibility that freighters can provide. Looking ahead, the outlook remains broadly positive, supported by manufacturing activity, export orders and global trade. However, higher fuel prices, geopolitical tensions and tariff uncertainty will need to be watched carefully."
The shift toward dedicated freighters is especially relevant for anyone handling project cargo, oversized loads, or specialist shipments. As belly-hold capacity softens, freighters offer the flexibility that complex consignments demand.
Several external factors shaped the market in July:
| July 2026 (% Year-on-Year) | World Share¹ | CTK | ACTK | CLF (%-pt)² | CLF (Level)³ |
|---|---|---|---|---|---|
| Total Market | 100% | 3.9% | 1.7% | +1.0 | 46.0% |
| Africa | 2.1% | 1.1% | 4.1% | -1.4 | 45.8% |
| Asia-Pacific | 35.8% | 4.1% | 3.0% | +0.5 | 49.5% |
| Europe | 21.4% | 4.4% | 1.3% | +1.5 | 51.1% |
| Latin America & Caribbean | 2.9% | 4.1% | 7.0% | -0.9 | 32.3% |
| Middle East | 13.2% | 1.7% | 4.0% | -1.0 | 44.1% |
| North America | 24.6% | 4.8% | -1.5% | +2.5 | 41.2% |
¹ % of industry CTK in 2025 · ² Year-on-year change in load factor · ³ Load factor level
Asia-Pacific airlines posted 4.1% demand growth, with capacity up 3.0%. As the largest market by world share (35.8%), this region remains the engine of global air cargo.
North America led all regions with a 4.8% demand increase — the strongest performance of the month. Notably, capacity fell 1.5%, pushing load factors up a sharp 2.5 percentage points and signaling tight conditions on key lanes.
Europe delivered solid 4.4% demand growth against modest 1.3% capacity expansion, lifting its load factor to a market-leading 51.1%.
Middle East carriers saw 1.7% demand growth while capacity expanded 4.0%, reflecting ongoing regional disruption.
Latin America & Caribbean recorded 4.1% demand growth, though aggressive 7.0% capacity additions weighed on load factors.
Africa posted the softest result, with demand up just 1.1% and capacity growing 4.1%.
Performance diverged sharply across major corridors in July. Asia–North America led the pack, followed by Europe–Asia and Europe–North America. Meanwhile, Gulf-linked routes stayed under pressure from the ongoing conflict in the Middle East.
| Trade Lane | YoY Growth | Notes | Market Share⁴ |
|---|---|---|---|
| Asia–North America | +9.2% | 6 consecutive months of growth | 23.5% |
| Europe–Asia | +3.1% | 41 consecutive months of growth | 21.5% |
| Europe–Middle East | -16.1% | 5 consecutive months of contraction | 5.2% |
| Europe–North America | +2.1% | 3 consecutive months of growth | 13.5% |
| Middle East–Asia | -14.1% | 5 consecutive months of contraction | 7.4% |
| Within Asia | +6.1% | 33 consecutive months of growth | 7.3% |
⁴ Share based on full-year 2025 CTKs.
July's data confirms a market that is growing but far from uniform. The strength of the Asia–North America corridor — six straight months of growth and nearly a quarter of industry volume — creates real opportunity for forwarders positioned on those lanes. At the same time, the contraction across Gulf-linked routes calls for careful routing and reliable partners on the ground.
Three takeaways stand out for the months ahead:
The broader outlook stays positive, underpinned by resilient global trade and firm export orders. For forwarders ready to build reliable partnerships and expand across high-growth corridors, the current market offers a solid platform for growth.