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KUALA LUMPUR (Oct 29): Asia-Pacific airlines recorded a 6.8% year-on-year (y-o-y) growth in air cargo demand in September, while cargo capacity rose 4.8% y-o-y during the same period, said the International Air Transport Association (IATA). 

In a statement Wednesday, IATA noted that globally, air cargo demand grew 2.9% y-o-y in September, marking the seventh consecutive month of overall growth. 

"Buried in that growth is a significant alteration of trade patterns as United States tariff policies, including the ending of ‘de minimis’ exemptions, take effect. 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," said IATA’s director general Willie Walsh.

He said that while many had feared an unwinding of global trade, air cargo has instead adapted successfully to serve shifting market demands. 

IATA said several factors have contributed to the operating environment, including a 3.7% y-o-y growth in global goods trade in August, and a 5.4% increase in jet fuel prices in September, despite lower oil prices. The latter (jet fuel price) was driven by a tighter diesel market, which doubled the crack spread y-o-y.

In addition, it said global manufacturing sentiment strengthened in September, with the purchasing manufacturers index (PMI) rising for the second straight month to 51.3.

New export orders also improved slightly to 49.6, but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty. 

Meanwhile, IATA said air freight volumes in September 2025 increased across most major trade corridors. 

The Europe-Asia and within Asia segment posted robust double-digit growth, while Middle East–Asia, North America-Europe, and Africa-Asia also saw notable gains. 

In contrast, the Asia-North America, Middle East-Europe and within Europe segment recorded declines, it added.