Global air cargo demand surged 6.0% year-on-year in May 2026, driven by a 6.5% rise in international volumes while capacity grew only 1.9%, lifting load factors. Africa led regional performance at +13.3%, followed by North America (+10.5%) and Asia-Pacific (+8.0%), but Middle East carriers contracted 8.9% due to ongoing war-related disruptions in Gulf corridors. This sharp divergence marks recovery in non-conflict zones after April’s 4.0% gain, with operators adapting yields and load factors to offset higher fuel costs. Cautious optimism persists for late 2026 amid a 5% global trade increase and improving manufacturing activity, though exact conflict timelines remain unspecified.