IATA data reveals a robust 10.3 percent year-on-year increase in air cargo demand for March 2024, extending the streak of double-digit growth to four months.
.
The International Air Transport Association (IATA) has released its data for March 2024, revealing a sustained and robust growth trend in global air cargo markets. According to the report, total demand, measured in cargo tonne-kilometers (CTKs*), surged by 10.3 percent compared to March 2023, marking the fourth consecutive month of double-digit year-on-year growth.
Meanwhile, capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3 percent compared to March 2023 levels, further underscoring the buoyancy of the air freight sector.
Commenting on the performance, Willie Walsh, IATA’s Director General, remarked, “Air cargo demand grew by 10.3 percent over the previous March, contributing to a strong first quarter performance that slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo.
The report also highlighted several noteworthy factors in the operating environment, including:
- 1.2 percent increase in global cross-border trade and a 1.6 percent rise in industrial production in February.
- The expansion in manufacturing output increased the Purchasing Managers’ Index (PMI) to 51.9 in March, indicating growth. However, the new export orders PMI remained slightly below the growth threshold at 49.5.
- Mixed inflation rates in various regions, with the EU and Japan experiencing a decrease while the US saw a rise.
Regional performance in March showed varied growth rates:
- Asia-Pacific airlines witnessed substantial 14.3 percent year-on-year demand growth, with notable increases in demand on key routes.
- North American carriers recorded a modest 0.9 percent year-on-year demand growth, with capacity experiencing a slight decrease.
- European carriers saw a robust 10.0 percent year-on-year demand growth, particularly in intra-European air cargo.
- Middle Eastern carriers reported the strongest growth at 19.9 percent year-on-year, with significant expansion in key markets.
- Latin American and African carriers also experienced positive year-on-year demand growth, albeit at slightly lower rates compared to other regions.
Overall, the IATA report underscores the resilience and adaptability of the global air cargo industry amidst evolving economic conditions and market dynamics.
