IATA July Snapshot: Passenger Traffic Rises as Cargo Growth Splits by Trade Lane

Overview

• Global passenger demand increased 4.0% year over year in July, with international traffic up 5.3% and the overall load factor at 85.5%.
• Air cargo demand rose 5.5% compared with a 3.9% increase in capacity, lifting the cargo load factor to 45.1%.
• Trade lanes diverged, with Europe–Asia cargo up 13.5% for a 29th consecutive month while Asia–North America fell 1.0% for a third straight month.
• By region, Asia‑Pacific carriers led cargo growth at 11.1% year over year, as North American airlines posted the weakest gain at 0.7%.
• IATA cited the U.S. de minimis expiry and tariff timing as drivers of weaker e‑commerce flows and some frontloading, alongside a July jet fuel price still below last year and a manufacturing PMI slipping to 49.66.