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Air cargo demand rises for sixteenth consecutive month

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Air cargo demand rises for sixteenth consecutive month
Research
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Sandrine Le Borgne Senior Vice President Corporate Services & CFO | International Air Transport Association - IATA

Total demand for air cargo, measured in cargo tonne-kilometers (CTK), increased by 8.2% in November 2024 compared to the same month in 2023. This marks the 16th consecutive month of growth, with international operations seeing a rise of 9.5%. Capacity, measured in available cargo tonne-kilometers (ACTK), also saw an increase of 4.6%, with international operations up by 6.5%.

Willie Walsh, IATA’s Director General, commented on the performance: "It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. All things considered we are looking to close out 2024 air cargo performance on a profitable note."

However, Walsh noted potential risks that could affect future performance: "While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions."

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In terms of industrial production and trade, there was a year-on-year increase of 2.1% in October's industrial production and a seventh consecutive month of global goods trade growth at a rate of 1.6%. The Purchasing Managers Index (PMI) for global manufacturing output remained above the growth-indicating mark of 50 for November.

Inflation rates showed varied trends across regions: US headline inflation rose slightly to 2.7%, EU inflation increased to 2.5%, while China's consumer inflation fell to just 0.2%.

Regionally, Asia-Pacific airlines experienced the highest year-on-year demand growth at 13.2%, followed by Latin America at 11.6%. North America recorded a growth rate of 6.9%, Europe saw an increase of 5.6%, and the Middle East reported a rise of 3.6%. Africa experienced a decrease in demand by -0.7%.

Trade lanes continued their upward trend with notable increases such as Asia-North America growing by +13% and Europe-Asia by +12.9%.

IATA statistics cover both international and domestic scheduled air cargo services provided by member and non-member airlines.

Organizations Included in this History
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