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In February, global air cargo demand saw a slight decline of 0.1% compared to February 2024, marking the first decrease since mid-2023. International operations, however, experienced a 0.4% increase. The available cargo capacity, evaluated by available cargo tonne-kilometers (ACTK), fell by 0.4%, though there was a 1.1% rise in international operations.
The decline is largely attributed to the distinct circumstances of February 2024, which included an extra day due to the leap year, increased traffic from the Chinese New Year, disruptions in sea lanes, and a surge in e-commerce. Additionally, rising trade tensions are considered a factor affecting air cargo. “February saw a small contraction in air cargo demand, the first year-on-year decline since mid-2023. Much of this is explained by February 2024 being extraordinary—a leap year that was also boosted by Chinese New Year traffic, sea lane closures, and a boom in e-commerce. Rising trade tensions are, of course, a concern for air cargo. With equity markets already showing their discomfort, we urge governments to focus on dialogue over tariffs,” Willie Walsh, IATA’s Director General, stated.
Despite the overall decline, January saw a 3.2% increase in the industrial production index year-on-year, marking the highest growth in two years, while global trade expanded by 5%. Jet fuel prices averaged $94.6 a barrel in February, a 2.1% decrease from January. The Purchasing Managers Index (PMI) for global manufacturing output in February was 51.5, indicating growth, though new export orders remained just under the growth threshold at 49.60.
