Air cargo demand up 9.8% in Oct, 15th month of consecutive growth

Total air cargo demand, measured in cargo tonne-kilometers (CTKs), rose by 9.8 percent in October 2024 compared to October 2023 levels (10.3 percent for international operations) for the 15th consecutive month of growth.

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 5.9 percent compared to October 2023 (7.2 percent for international operations), according to the latest data from the International Air Transport Association (IATA). "This was largely driven by an 8.5 percent increase in international belly capacity. Dedicated freighter capacity increased by 5.6 percent, the seventh consecutive month of growth with volumes nearing 2021 peak levels."

Willie Walsh, Director General, IATA says: "Air cargo markets continued their strong performance in October, with demand rising 9.8 percent year-on-year and capacity up 5.9 percent. Global air cargo yields (including surcharges) continue to rise, up 10.6 percent on 2023 and 49 percent on 2019 levels. While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution. The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners — Canada, China and Mexico — has the potential to upend global supply chains and undermine consumer confidence. The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds."

International routes experienced exceptional traffic levels for the fifth consecutive month with a 10.3 percent year-on-year increase in October, the update added. "Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping."

Asia-North America trade lane reported 8.6 percent growth in October, the 12th consecutive month of double digit growth. Middle East-Europe was 15.3 percent increase for 15 months of consecutive growth.

Regional performance

Asia-Pacific airlines saw 13.4 percent year-on-year demand growth while capacity increased by 9.3 percent.

North American carriers saw 9.5 percent year-on-year demand growth while capacity was up by 5.8 percent.

European carriers saw 7.6 percent year-on-year demand growth and capacity increased 3.9 percent.

Middle Eastern carriers saw 4.5 percent year-on-year demand growth and capacity increased 0.8 percent.

Latin American carriers saw 18.5 percent year-on-year demand growth for air cargo in October, the strongest growth among the regions. Capacity increased 5.8 percent year-on-year.

African airlines saw 1.6 percent year-on-year demand growth for air cargo in October, the slowest among regions. Capacity increased by 7.7 percent year-on-year.

First published on stattimes