(Posted 05th March 2026)
Air Passenger
Slower Growth in January due to Timing of Lunar New Year
- Industry-wide Revenue Passenger Kilometers (RPK) expanded by 3.8% year-on-year (YoY) in January, down from 5.8% in December.
- The industry?wide passenger load factor (PLF) reached a record high for the month of January at 82.0%. Both international and domestic segments also saw their highest January PLF on record.
- Regions showed a mixed performance in total passenger traffic compared to December. Africa, Latin America and the Caribbean, and North America accelerated, while other regions experienced a slowdown. Asia Pacific
growth, in particular, was affected by differences in the Lunar New Year timing. - Domestic traffic stagnated in January, with RPK up 0.1% YoY. Performance varied across major markets, while the industry load factor edged up to 81.2%.
- International traffic expanded by 5.9% YoY, with all regions recording positive growth.
- Global scheduled seats are projected to grow by 5.2% YoY in February, the fastest since April 2024.
Air Cargo
Resilient Start of the Year Amid Regional Divergence
- Global air cargo demand (CTK) opened the year with continued expansion, rising by 5.6% YoY. Growth patterns diverged by region. Africa led with an 18.2% rise, extending its streak of double-digit gains. The Americas registered a decline for the sixth consecutive month.
- International cargo volumes expanded by 7.2% YoY, outperforming the headline market. North America showed the clearest turnaround, returning to growth, while Asia Pacific growth moderated and Latin America and the Caribbean remained under pressure.
- Capacity developments reflected a moderation in supply growth. Industry available-tonne-kilometers (ACTK) increased by 3.6% YoY, marking the highest January ACTK volume on record, yet the pace of growth decelerated. Asia Pacific capacity reached a historic high but recorded its weakest January growth since 2020, pointing to emerging capacity fatigue.????
- Energy and yields provided partial cost relief. Dated Brent remained lower YoY but rose MoM, while jet fuel prices declined 6.5% YoY. Global cargo yields eased by 0.8% YoY, extending the contraction cycle, with month-on-month (MoM) movements signaling softer pricing momentum.
