IATA Reports Latest Air Cargo Data

Dark/Light Mode (30/05/24)  IATA has reported that total demand for air cargo, measured in cargo tonne-kilometers (CTK), rose by 11.1% compared to April 2023 levels, and +11.6% for international operations, the fifth consecutive month of double-digit year-on-year growth.

Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 7.1% compared to April 2023 and +10.2% for international operations.

IATA has highlighted several factors that should be noted:

- In April, the Purchasing Managers Index (PMI) for global manufacturing output and new export orders turned positive at 51.5 and 50.5 respectively, the first time in two years that the PMI of new export orders has been in growth territory;

- Industrial production increased by 1.6% in March year-on-year, while global cross-border trade contracted by 0.8%; and

- Inflation remained relatively stable across the US, EU and Japan in April with rates at 3.4%, 2.6%, and 2.5%, respectively. China reported a 0.2% increase in consumer prices year-on-year—a positive signal amid concerns over China's economic slowdown.

UPS Boeing 747-8F reg: N607UP at HKG. Picture by Steven Howard of TravelNewsAsia.com

“While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening,” said Willie Walsh, IATA’s Director General. “In recent months, air cargo demand grew even when the PMI was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust.”

Asia-Pacific airlines saw 14% year-on-year demand growth for air cargo in April, the strongest of all regions. Demand within the Asia market grew by 13.2% compared to April 2023, and the Asia-Europe route grew by 17.7%. The Middle East-Asia route rose by 10.4%, 9.5 percentage points less than the growth recorded in March, whilst capacity increased by 7.8% year-on-year.

North American carriers reported a 7% year-on-year demand growth for air cargo in April, the weakest amongst all regions. Demand on the Asia-North America trade lane grew by 7.3% year-on-year, while the North America-Europe route saw an increase of 5.6%, marking the largest demand growth for this route since September 2022. April capacity increased by 4% year-on-year.

European carriers enjoyed 12.7% year-on-year demand growth for air cargo during the month. Intra-European air cargo rose by 34.4% compared to April 2023, reflecting the highest annual growth in over a decade and a jump of 8.1ppt compared to the month before. Europe–Middle East routes saw demand increase by 30.1%, experiencing a drop of 8.5 percentage points compared to the previous month’s figure. April capacity increased 10.3% year-on-year.

Middle Eastern carriers saw year-on-year air cargo demand grow by 9.4% for  in April. The Middle East–Europe market performed particularly well with 30.1% annual growth, ahead of Middle East-Asia which grew by 10.4% year-on-year. April capacity increased 5.7% year-on-year.

Latin American carriers experienced year-on-year demand growth of 11.7% in April, whilst capacity increased 9.8% year-on-year.

African airlines saw 10.6% year-on-year demand growth for air cargo in April, with demand on the Africa–Asia market increasing by 25.8% compared to April 2023. April capacity jumped 18.7% year-on-year.

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