General Atomics

Air passenger and air cargo demand up over 5% in November 2025

International Air Transport Association (IATA) data reveals that global passenger demand was up by 5.7% and air cargo demand up by 5.5%, in November last year.



Image courtesy IATA

IATA data for November 2025 showed global passenger demand, measured in revenue passenger kilometres (RPK), was up 5.7% compared to November 2024. 

Total capacity, measured in available seat kilometres (ASK), increased 5.4% year-on-year. The load factor was 83.7% (+0.3 ppt compared to November 2024), a record high for November.
    
International demand rose 7.7% compared to November 2024. Capacity was up 7.1% year-on-year and the load factor was 84.0% (+0.4 ppt compared to November 2024).
    
Domestic demand increased 2.7% compared to November 2024. Capacity was up 2.7% year-on-year. The load factor was 83.2% (unchanged compared to November 2024).

Willie Walsh (above), IATA’s Director General, said: “November 2025 saw continued strong demand for air travel with year-on-year growth of 5.7%. Load factors reached a new record of 83.7% for the month as airlines continued to satisfy growing passenger demand amid continuing capacity constraints stemming from challenges in the aerospace supply chain.

"The new year’s resolution for the manufacturing sector must be to increase production to meet the needs of their airline customers. The backlog of more than 17,000 aircraft orders that we reached in 2025 must be reduced in 2026.”  

Air passenger market in detail

Regional breakdown: international passenger markets
International RPK growth was a healthy 7.7% in November year-on-year. The international load factor, at 84.0%, was also a November record high. Compared to October, growth was slightly down in all regions except Africa.

Asia-Pacific airlines achieved a 9.3% year-on-year increase in demand. Capacity increased 8.7% year-on-year, and the load factor was 85.8% (+0.5 ppt compared to November 2024). Geopolitical tensions led to traffic between China and Japan slowing to single-digit growth for the first time in 2025.

European carriers had a 6.8% year-on-year increase in demand. Capacity increased 6.1% year-on-year and the load factor was 85.6% (+0.5 ppt compared to November 2024).

North American carriers saw a 4.0% year-on-year increase in demand. Capacity increased 4.2% year-on-year, and the load factor was 81.0% (-0.1 ppt compared to November 2024). Looking at total traffic, North America has seen 10 consecutive months of year-on-year decline in load factor.

Middle Eastern carriers saw a 9.6% year-on-year increase in demand. Capacity increased 9.2% year-on-year, and the load factor was 81.4% (+0.3 ppt compared to November 2024).

Latin American airlines saw a 4.4% year-on-year increase in demand. Capacity climbed 4.7% year-on-year. The load factor was 83.9% (-0.2 ppt compared to November 2024).

African airlines were the stand-out performer, with an 11.2% year-on-year increase in demand. Capacity was up 8.5% year-on-year. The load factor was 74.3% (+1.8 ppt compared to November 2024).

Domestic passenger markets

Domestic RPK rose 2.7% over November 2024 and load factor was steady at 83.2% on the back of a 2.7% capacity expansion. Brazil and India were the fastest-growing markets. Domestic U.S. traffic was the only major market to see a fall in demand, perhaps due to the government shutdown.


Air Carg
IATA’s data for November 2025 global air cargo markets shows total demand, measured in cargo tonne-kilometres (CTK), rose by 5.5% compared to November 2024 levels (+6.9% for international operations), whilst capacity, measured in available cargo tonne-kilometres (ACTK), increased by 4.7% compared to November 2024 (+6.5% for international operations).

Willie said: “Air cargo demand grew 5.5% year-on-year in November 2025, boosted by shippers prioritising timely delivery in the lead-up to the year-end holiday season. Strong emerging market demand and selective Middle Eastern growth more than made-up for softness in the Americas amid ongoing adjustment to the new US tariff regime.

"Globally, the fourth quarter for air cargo was resilient as strategic re-routing of trade shaped performance across key markets. The strong end for 2025 bodes well for the air cargo industry as it enters the new year.” 

Several factors in the operating environment should be noted:

  • The global goods trade grew by 2% year-on-year in October.
  • Jet fuel prices rose 5.9% in November despite falling crude prices, driven by refinery disruptions, EU restrictions on Russian-derived products, and limited spare refining capacity, pushing crack spreads close to double last year’s levels.
  • Global manufacturing sentiment strengthened in November, with the PMI rising for the fourth consecutive month to reach 51.17. New export orders improved slightly to 49.87 but remained below the 50-point expansion threshold, reflecting ongoing caution amid tariff uncertainty.

Air cargo market in detail


November regional performance
Asia-Pacific airlines saw a 10.3% year-on-year growth in air cargo demand in November. Capacity increased by 8.4% year-on-year.

North American carriers saw a 1.6% year-on-year decrease in growth for air cargo in November. Capacity decreased by 2.3% year-on-year.

European carriers saw a 5.8% year-on-year increase in demand for air cargo in November. Capacity increased 4.1% year-on-year.

Middle Eastern carriers saw a 7.4% year-on-year increase in demand for air cargo in November. Capacity increased by 11.0% year-on-year.

Latin American and Caribbean carriers saw a 4.8% year-on-year decrease in demand for air cargo in November, the weakest performance of all regions. Capacity decreased by 3.0% year-on-year.

African airlines saw a 15.6% year-on-year increase in demand for air cargo in November, the strongest rise of all regions. Capacity increased by 18.1% year-on-year. 

Trade lane growth
Air freight volumes in November 2025 increased across all major trade corridors.

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