The International Air Transport Association (IATA) has reported that global air cargo markets continued to experience robust demand in August 2024, marking the ninth consecutive month of double-digit year-on-year growth.
Total demand, measured in cargo tonne-kilometres (CTKs), increased by 11.4% compared to August 2023, with international operations seeing a rise of 12.4%. This performance highlights a sustained recovery in the air cargo sector, as overall demand levels reach highs not seen since the record peaks of 2021.
Available capacity, measured in available cargo tonne-kilometres (ACTKs), also rose by 6.2% compared to the same month last year, driven primarily by a 10.9% increase in international belly capacity as passenger markets rebounded. The overall industry-wide capacity reached an all-time high.
IATA’s Director General Willie Walsh commented on the sector’s growth, stating, “We continue to see very good news in air cargo markets. The sector recorded a second consecutive month of record high demand year-to-date. Even with record levels of capacity, yields are up 11.7% on 2023, 2% on the previous month, and 46% above pre-pandemic levels.” Walsh noted that this strong performance is fuelled by steady global trade growth, booming e-commerce, and continuing maritime shipping challenges.
Operating Environment Insights
- Industrial production remained level in August compared to the previous month, while global cross-border trade experienced a slight decline of -0.3%.
- Both the Purchasing Managers Index (PMI) for global manufacturing output and the PMI for new export orders were below the 50-mark, signalling a contraction.
- Inflation presented a mixed picture: inflation rates in the US and EU fell to 2.6% and 2.4%, respectively, the lowest rates since 2021. Meanwhile, Japan and China saw moderate inflation increases, with Japan reaching its highest inflation rate in 10 months at 3.0%.
August 2024 Global and Regional Air Cargo Performance
August 2024 saw robust air cargo growth across various regions:
- Asia-Pacific airlines led with 14.6% year-on-year demand growth. Demand surged on the Asia-Africa (21.2%), Asia-Europe (18.4%), and within-Asia (16.1%) trade lanes. However, intra-Asia demand decreased by 5.0 percentage points, partly due to social unrest in Bangladesh and the impact of Typhoon Shanshan in Japan.
- North American carriers reported the lowest regional growth at 4.8%, with the Asia-North America trade lane growing by 9.3%. Capacity increased by 2.4% year-on-year.
SOURCE: IATA
