The International Air Transport Association (IATA) released data for January 2025 global air cargo markets showing:

Total demand, measured in cargo tonne-kilometers (CTK), rose by 3.2% compared to January 2024 levels (3.6% for international operations) for an 18th consecutive month of growth. 

Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 6.8% compared to January 2024 (7.3% for international operations). 

Several factors in the operating environment should be noted:

Year-on-year, industrial production rose 2.6% in December. Global goods trade grew for a ninth consecutive month, reporting a 3.3% increase in December.

The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for January, indicating growth. At 50.62, this was the highest reading since July 2024. The PMI for new export orders rose to 49.37, remaining just shy of the 50-mark, which is the growth threshold. 

In January, consumer inflation in the US and in Europe both rose by 0.1 percentage point to 3.0% and 2.8% respectively. Chinese consumer inflation rebounded to 0.5% in January, after progressively falling to 0.1% in the previous four months. 

Trade Lane Growth: Most international routes experienced growth in January. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.