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

Total demand, measured in cargo tonne-kilometers (CTK), declined by 0.1% compared to February 2024 levels (+0.4% for international operations). This marks the first decline since mid-2023. 

Capacity, measured in available cargo tonne-kilometers (ACTK), decreased by 0.4% compared to February 2024 (+1.1% for international operations). 

Several factors in the operating environment should be noted:

In January, the industrial production index rose 3.2% year-on-year, the highest growth in two years and world trade expanded by 5%. 

Jet fuel prices averaged $ 94.6/barrel in February, a 2.1% drop from January.

In February, the Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark (51.5), indicating growth. The PMI for new export orders rose slightly to 49.60 from the previous month, remaining just shy of the 50-mark, which is the growth threshold.
 
In February, consumer inflation remained elevated in the US, Europe, and Japan, easing only slightly from the previous month. In contrast, China recorded its first decline in consumer prices in 11 months, reinforcing signs of persistent deflationary pressure in the economy.

Trade Lane Growth: The Trans-Pacific corridor remained the busiest trade lane in February. Intra-Asia led growth, becoming the fifth busiest. Europe–Asia and Transatlantic routes also expanded, while Middle East–Asia and European routes declined.