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Air Cargo & Air Passenger Market Analysis: February 2026

Air Cargo & Air Passenger Market Analysis: February 2026

"With an RPK expansion of 6.1%, February was a strong month, showing that the fundamentals for demand growth were in place for a positive year. However, without knowing the length and intensity of the war in the Middle East, it is impossible to quantify the full impact that it will have on airline prospects." -Willie Walsh, IATA’s Director General. New global passenger demand data for February 2026 shows: 🔵 Total demand, measured in revenue passenger kilometers (RPK), was up 6.1% compared to February 2025. Total capacity, measured in available seat kilometers (ASK), increased 5.6% year-on-year. The load factor was 81.4% (+0.3 ppt compared to February 2025), the highest February figure on record. 🔵 International demand rose 5.9% compared to February 2025. Capacity was up 5.3% year-on-year, and the load factor was 80.5% (+0.5 ppt compared to February 2025). 🔵 Domestic demand increased 6.3% compared to February 2025. Capacity increased 6.2% year-on-year. The load factor was 82.8% (+0.1 ppt compared to February 2025). Meanwhile, data for February 2026 global air cargo markets shows: 🔵 Total demand, measured in cargo tonne-kilometers (CTK), rose by 11.2% compared to February 2025 levels (+11.6% for international operations). 🔵 Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 8.5% compared to February 2025 (+9.8% for international operations). Several factors in the operating environment should be noted: 🔵The global goods trade grew by 5.2% year-on-year in January. 🔵Jet fuel prices rose 1.2% year-on-year in February, while a widening Brent–jet fuel crack spread highlighted continued volatility in refining margins. 🔵Global manufacturing sentiment strengthened in February, with the Purchasing Managers’ Index (PMI) rising to 53.1, remaining above the 50-point expansion threshold. The PMI for new export orders rose to 51.4, above the growth threshold and the highest level since July 2021, indicating positive conditions for air cargo demand. FULL DETAILS 👇 Air Cargo Demand up 11.2% in February 2026 https://www.iata.org/en/pressroom/2026-releases/2026-03-30-01/ February Air Passenger Demand Grows 6.1% https://www.iata.org/en/pressroom/2026-releases/2026-03-31-01/