IATA Reports Latest Global Air Cargo Data

Dark/Light Mode (31/07/24)  IATA's global air cargo market data for June 2024 shows continued growth in demand, contributing to an exceptional first half-year performance with volumes exceeding 2023, 2022 and even the record-breaking numbers of 2021.

Total demand, measured in cargo tonne-kilometers (CTK), rose by 14.1% and 15.6% for international operations, compared to June 2023 levels, the seventh consecutive month of double-digit year-on-year growth.

Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 8.8% overall and 10.8% for international operations, compared to June 2023.

Total H1 demand increased by 13.4% compared to H1 2023, by 4.3% compared to H1 2022, and by 0.02% compared to H1 2021.

IATA highlights several factors that should be noted:

UPS Boeing 747 Freighter coming in to land at Hong Kong Airport (HKG). Picture by Steven Howard of TravelNewsAsia.com

- In June, the Purchasing Managers Index (PMI) for global manufacturing output indicated expansion at 52.3 while the new export orders PMI registered a small contraction, falling below the critical 50-point benchmark to 49.3;

- Global cross-border trade expanded 0.1% month-on-month in May while industrial production stayed level compared to the previous month; and

- Inflation was a mixed picture in June. In the EU and Japan, inflation rates stayed roughly constant compared to the previous month at 2.6% and 2.8% respectively, whilst dropping in the US to 3%. In contrast, China’s inflation rate remained near zero (0.3%) reflecting weak domestic demand amid high unemployment, slow income growth, and problems in the real estate sector, a trend that has persisted since 2023.

"Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs. Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers," said Willie Walsh, IATA’s Director General. "Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024."

Asia-Pacific airlines saw 17% year-on-year demand growth for air cargo in June, the strongest among all regions. Demand on the Africa-Asia trade lane grew by 37.5% y-o-y, whilst the Europe-Asia, within Asia and Middle East-Asia trade lanes rose by 20.3%, 21% and 15.1% respectively. Capacity increased by 10.7% y-o-y.

North American carriers reported y-o-y demand growth of 9.5%, the weakest among all regions. Demand on the North America-Europe route saw an increase of 6.7%, whilst the Asia-North America trade lane, the world’s largest, grew by 12.8% y-o-y, the largest annual increase in five months. June capacity increased by 6% y-o-y.

European carriers enjoyed 16.1% y-o-y demand growth. Intra-European air cargo rose by 16.7% compared to June 2023, the sixth month in a row of double-digit annual growth. Europe–Middle East and Europe–Asia routes saw demand increase by 30.2% and 20.3% respectively. June capacity increased 9.1% y-o-y.

Middle Eastern carriers reported y-o-y demand growth of 13.8%. The Middle East–Europe market performed particularly well with 30.2% annual growth, ahead of Middle East–Asia which grew by 15.1% y-o-y. June capacity increased 6.9% y-o-y.

Latin American carriers saw 13.1% y-o-y demand growth and capacity increased 15.5% y-o-y. Notably, Latin America posted the second-highest increase in international demand growth at 17.2% in June, up 6.3 percentage points compared to the previous month.

African airlines reported an average 11.8% y-o-y demand growth during the month. Demand on the Africa–Asia market increased by 37.5% compared to June 2023, the strongest performance of all trade lanes. June capacity increased by 23.8% y-o-y.

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