The International Air Transport Association (IATA) has reported robust growth in global air cargo demand for August 2024, marking the ninth consecutive month of double-digit expansion. Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.4% compared to August 2023, with international demand increasing by 12.4%. This surge has pushed overall demand levels close to the record peaks seen in 2021.
Capacity also grew, with available cargo tonne-kilometers (ACTKs) rising by 6.2% year-on-year. The increase in international belly capacity, up by 10.9%, contributed to this growth as passenger markets strengthened. This expansion brought the industry’s capacity to an all-time high, even as yields remained elevated, up 11.7% from 2023 and 46% above pre-pandemic levels.
Asia-Pacific: This region saw the highest growth, with air cargo demand increasing by 14.6%. Major trade lanes, including Asia-Africa and Asia-Europe, contributed to the surge with gains of 21.2% and 18.4%, respectively. Capacity in the region expanded by 8.6%.
North America: North American carriers posted a 4.8% increase in demand, the lowest growth among all regions. The largest trade lane, Asia-North America, still recorded a respectable 9.3% increase in demand, while capacity rose by 2.4% year-on-year.
Europe: European airlines experienced a strong 13.5% year-on-year growth, driven primarily by the Middle East-Europe trade lane, which saw a remarkable 28.9% growth. Capacity also grew by 9.4% in this region.
Middle East: Air cargo demand in the Middle East surged by 13.5%, supported by double-digit growth in trade with Europe and Asia. Capacity increased by 4.0%.
Latin America and Africa: Latin American carriers saw a 14.2% rise in demand, while African airlines posted a 7.5% growth, driven largely by the Africa-Asia route, which recorded a 21.1% increase. Capacity in these regions grew by 8.0% and 11.4%, respectively.
Despite this positive performance, the global air cargo sector continues to face challenges. Industrial production stagnated in August, and global cross-border trade declined slightly by 0.3%. Inflation remained a mixed picture, with rates falling in the U.S. and the EU but rising in Japan and China. Furthermore, the Purchasing Managers Index (PMI) for global manufacturing output and new export orders fell below 50, signalling contraction.
Willie Walsh, IATA’s Director General, acknowledged the sector’s resilience, noting that booming e-commerce and continued constraints in maritime shipping were bolstering demand for air cargo. He emphasized the importance of addressing capacity challenges, especially in the face of economic uncertainties.
As air cargo continues to play a vital role in global trade, its growth trajectory, influenced by both economic conditions and operational dynamics, remains a key indicator of global economic health.
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