The International Air Transport Association (IATA) released data for August 2024 global air cargo markets showing continued strong annual growth bongdaso v demand.
Total demand, measured bongdaso v cargo tonne-kilometers (CTKs*), rose by 11.4% compared to August 2023 levels (12.4% for international operations). This is the ninth consecutive month of double-digit year-on-year growth, with overall levels reaching heights not seen since the record peaks of 2021.
Capacity, measured bongdaso v available cargo tonne-kilometers (ACTKs), increased by 6.2% compared to August 2023 (8.2% for international operations). This was largely related to the growth bongdaso v international belly capacity, which rose 10.9% on the strength of passenger markets. Industry-wide capacity has reached an all-time high.
“We continue to see very good news bongdaso v 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. This strong performance is underpinned by slow but steady growth bongdaso v global trade, booming e-commerce, and continuing capacity constraints on maritime shipping,” said Willie Walsh, IATA’s Director General.
Several factors bongdaso v the operating environment should be noted:
Industrial production stayed level bongdaso v August month-on-month and global cross-border trade fell marginally with -0.3%.
bongdaso v August both the Purchasing Managers Index (PMIs) for global manufacturing output and the PMI for new export orders were below the 50-mark at 49.9 and 48.4 respectively, indicating contraction.
Inflation saw a mixed picture bongdaso v August. bongdaso v the US and EU, inflation rates fell to 2.6% and 2.4% respectively, the lowest rates since 2021. bongdaso v contrast, Japan’s inflation ticked up 0.3 percentage points to 3.0%, the highest rate bongdaso v ten months. China’s inflation rate continued its moderate upward trend, growing by 0.1 percentage points to reach 0.7%, the highest rate bongdaso v six months.
Air Cargo Market bongdaso v Detail
August 2024 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
| Total Market | 100% | 11.4% | 6.2% | 2.0% | 44.0% |
| Africa | 2.0% | 7.5% | 11.4% | -1.4% | 37.8% |
| Asia Pacific | 33.3% | 14.6% | 8.6% | 2.4% | 46.6% |
| Europe | 21.4% | 13.5% | 9.4% | 1.8% | 50.1% |
| Latin America | 2.8% | 14.2% | 8.0% | 1.9% | 35.9% |
| Middle East | 13.5% | 13.5% | 4.0% | 3.7% | 44.5% |
| North America | 26.9% | 4.8% | 2.4% | 0.9% | 38.7% |
(*1) % of industry CTKs bongdaso v 2023 (*2) Year-on-year change bongdaso v load factor (*3) Load factor level
August Regional Performance
Asia-Pacific airlines saw 14.6% year-on-year demand growth for air cargo bongdaso v August – the strongest of all regions. Demand on the Asia-Africa, Asia-Europe and within-Asia markets grew by 21.2%, 18.4% and 16.1% respectively. Intra-Asia demand growth decreased by 5.0 percentage points from the previous month, partially linked to the social unrest bongdaso v Bangladesh and Typhoon Shanshan bongdaso v Japan. Both events impacted local logistics operations with airport closures and flight cancellations.
Capacity increased by 8.6% year-on-year.
North American carriers saw 4.8% year-on-year demand growth for air cargo bongdaso v August– the lowest of all regions. Demand on the Asia-North America trade lane, the largest trade lane by volume, grew by 9.3% year-on-year, while the North America-Europe route saw a more modest increase of 6.1%. August capacity increased by 2.4% year-on-year.
European carriers saw 13.5% year-on-year demand growth for air cargo bongdaso v August. The Middle East–Europe trade lane led growth, up 28.9%, maintaining a streak of double-digit annual growth that originated bongdaso v September 2023. The Europe–Asia route, the second largest market, was up 18.4%. Within Europe also saw double-digit growth, up 15.0%. August capacity increased 9.4% year-on-year.
Middle Eastern carriers saw 13.5% year-on-year demand growth for air cargo bongdaso v August. As mentioned above, the Middle East–Europe market performed particularly well surging 28.9%, ahead of Middle East-Asia which grew by 13.5% year-on-year. August capacity increased 4.0% year-on-year.
Latin American carriers saw 14.2% year-on-year demand growth for air cargo bongdaso v August. Capacity increased 8.0% year-on-year.
African airlines saw 7.5% year-on-year demand growth for air cargo bongdaso v August. Demand on the Africa–Asia market increased by 21.1% compared to August 2023, maintaining a streak of double-digit annual growth that originated bongdaso v the second half of 2023. August capacity increased by 11.4% year-on-year.
Source: https://www.iata.org/en/pressroom/2024-releases/2024-10-03-03/
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