International air cargo volumes in Latin America and the Caribbean reached 346,930 tonnes in March 2026, an increase of 4.2% compared with the same month last year, according to ALTA’s latest market analysis. The report highlights a notable milestone for the region: for the first time in 2026, Brazil, Colombia and Mexico — Latin America’s three largest international air cargo markets — all recorded year-on-year growth in the same month. Colombia, Argentina and Panama accounted for more than 90% of the region’s net cargo growth during March.
A stronger start to 2026 for the region
March marked the strongest monthly performance of the year so far. International air cargo volumes had grown by 1.9% in January and 3.1% in February before accelerating to 4.2% in March.
The region’s three largest cargo markets all expanded during the same month for the first time in 2026. Brazil handled 79,274 tonnes of international cargo, Colombia 69,782 tonnes and Mexico 57,418 tonnes. While growth rates remained modest in Brazil (+0.9%) and Mexico (+0.4%), Colombia posted a stronger increase of 6.2%.
For industry stakeholders, this simultaneous growth across the region’s largest markets may indicate a broader recovery in cargo demand rather than isolated gains concentrated in a single country.
Colombia, Argentina and Panama emerge as the main growth drivers
Although the region as a whole expanded by 4.2%, much of the increase came from three markets.
Colombia remained the largest contributor to regional growth for a second consecutive month, adding 4,097 tonnes compared with March 2025. The country’s international cargo volumes reached 69,782 tonnes, supported primarily by the Colombia–United States corridor, which handled 40,490 tonnes during the month. Bogotá continued to dominate the country’s cargo activity, accounting for 84% of international volumes.
Argentina delivered the region’s strongest growth rate. International air cargo volumes climbed 25.1% year-on-year to 19,905 tonnes, with all three of the country’s largest international corridors expanding by more than 25%. Traffic between Argentina and the United States increased by 58%, while Argentina–Brazil and Argentina–Chile recorded gains of 37% and 26%, respectively.
Panama also strengthened its position within the regional cargo network. Volumes reached 22,525 tonnes, representing year-on-year growth of 12.9%. Unlike many other markets, Panama’s expansion was largely driven by intra-regional flows. Cargo traffic grew 18% on both the Colombia–Panama and Panama–Costa Rica corridors, while Panama–Ecuador increased 17% and Chile–Panama rose 13%.
Together, Colombia, Argentina and Panama accounted for more than 90% of the region’s net growth during March.
Traditional trade corridors remain dominant
Despite the emergence of new growth engines, the structure of Latin America’s international cargo market remains heavily linked to North America and Europe.
The United States continued to serve as the region’s primary origin and destination market, accounting for more than 40% of international cargo volumes. Traffic between the United States and Latin America and the Caribbean increased 2.2% year-on-year, supported notably by stronger flows involving Argentina.
Europe also maintained positive momentum. Air cargo traffic between Spain and the region expanded by 4.7%, driven largely by growth on the Brazil–Spain corridor (+22%) and Spain–Mexico (+8.6%).
These results underline the continued importance of transatlantic and North American trade links while highlighting the gradual development of stronger intra-regional cargo connections.
Brazil and Mexico return to positive territory
March also brought encouraging signs from the region’s two largest economies.
Brazil recorded year-on-year growth for the first time after seven consecutive months of decline. International cargo volumes rose 0.9% to 79,274 tonnes, representing the highest March volume recorded in the country since 2000. While the Brazil–United States corridor remained negative, the contraction eased significantly, suggesting a gradual stabilisation in trade flows.
Mexico likewise returned to growth after contracting in February. International cargo volumes increased 0.4% to 57,417 tonnes, supported by a 5.1% rise in exports. The country’s largest corridor, Mexico–United States, expanded by 4.7%, while flows to China, Hong Kong and Spain also posted gains.
The return of both markets to positive territory further reinforces the view that regional growth is becoming more broadly distributed.
Cargo capacity expands at its fastest pace in nearly a year
The strengthening demand environment has been accompanied by a significant increase in available freighter capacity.
Freighter capacity to and from Latin America and the Caribbean reached 952 million available tonne-kilometres in March, up 16.9% year-on-year. This was the fourth consecutive month of expansion and the strongest increase recorded since May 2025.
The Airbus A330F led growth with an 88.8% increase in capacity, while the Boeing 777F expanded by 20.7% and the Boeing 737F by 47.7%. Notably, the Boeing 747F reversed a nine-month contraction trend, growing 6.1% and maintaining its position as the largest freighter type operating in the region, accounting for 38% of total capacity.
As airlines continue adjusting their cargo networks, the combination of stronger demand and expanding freighter capacity suggests that Latin America’s air cargo market is entering a more balanced phase of growth. Rather than relying on a single market or corridor, the region is increasingly benefiting from multiple growth engines operating simultaneously across its cargo ecosystem.
