2025 looks to close with international air cargo traffic growth of somewhere between 3.5% - 3.8%. That is around the low end of we were predicting at the beginning of the year, but much higher than our revised outlook compiled in April. For next year we are predicting a range of 1.8% to 5.5%. Average annual growth through to 2030 could range between 2.7% and 4.7%. Much of the future trajectory is contingent on continued growth in cross border e-commerce volumes. Industry profits will depend on the delicate interplay between demand, capacity, yields and costs. This article takes stock of the current year and discusses some of the factors that will shape international air cargo the coming years.