Air Cargo Demand Rises for Ninth Consecutive Month
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The International Air Transport Association (IATA) has announced continued robust growth in global air cargo demand for August 2024. This marks the ninth consecutive month of double-digit year-on-year growth, with demand levels reaching heights not seen since the record peaks of 2021.
Total demand, measured in cargo tonne-kilometers (CTKs), increased by 11.4% compared to August 2023. International operations saw an even larger rise, with a 12.4% increase in CTKs. Capacity, measured in available cargo tonne-kilometers (ACTKs), grew by 6.2%, supported by a 10.9% expansion in international belly capacity, reflecting the ongoing recovery in passenger markets. Industry-wide, capacity reached an all-time high, demonstrating the resilience and strength of the air cargo sector.
IATA Director General Willie Walsh commented on the sector’s performance, noting, “We continue to see exceptional results in air cargo markets, with August marking the second consecutive month of record-high demand this year. Despite record capacity levels, yields are up by 11.7% compared to 2023, and remain 46% above pre-pandemic levels. This strong performance is driven by steady global trade, booming e-commerce, and ongoing capacity constraints in maritime shipping.”
Several factors influenced the operating environment in August. Global industrial production remained flat month-on-month, while cross-border trade showed a slight decline of 0.3%. Both the Purchasing Managers Index (PMI) for global manufacturing output and the PMI for new export orders fell below the 50-mark, indicating contraction, with scores of 49.9 and 48.4, respectively. Inflation trends were mixed, with the US and EU experiencing declines to 2.6% and 2.4%, the lowest rates since 2021. In contrast, Japan's inflation increased to 3.0%, and China's inflation continued its upward trend, reaching 0.7%.
Despite these economic shifts, air cargo continues to demonstrate resilience, and the outlook remains positive as the sector capitalizes on the sustained growth of e-commerce and increasing demand for airfreight capacity.
