Global air cargo demand rose 6.0% year-on-year in May 2026, measured in cargo tonne-kilometers, with international operations leading at 6.5%. Capacity expanded only 1.9%, creating a clear demand-supply gap that elevates load factors and signals emerging capacity constraints, particularly in passenger bellyhold segments. Africa drove regional growth at 13.3%, followed by North America (10.5%) and Asia-Pacific (8.0%), while the Middle East contracted 8.9% due to war-related disruptions. Global trade grew 5.0%, supporting demand despite elevated fuel costs and weakened export orders. The sector now faces a 0.7% full-year growth forecast, reflecting volatility between May’s strength and persistent Middle East instability.