Air cargo demand up over 11% in Aug, 9th month of double-digit growth

Global air cargo demand, measured in cargo tonne-kilometres (CTKs), rose by 11.4 percent in August 2024 compared to August 2023 levels (12.4 percent 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, says an official release from the International Air Transport Association (IATA).

Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 6.2 percent compared to August 2023 (8.2 percent for international operations). This was largely related to the growth in international belly capacity, which rose 10.9 percent on the strength of passenger markets. Industry-wide capacity has reached an all-time high, the release added.

“We continue to see very good news in air cargo markets," says Willie Walsh, Director General, IATA. "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 percent on 2023, two percent on the previous month, and 46 percent above pre-pandemic levels. This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce and continuing capacity constraints on maritime shipping."

August regional performance
Asia-Pacific airlines saw 14.6 percent year-on-year demand growth in August – the strongest of all regions. Demand on the Asia-Africa, Asia-Europe and within-Asia markets grew by 21.2 percent, 18.4 percent and 16.1 percent, respectively. "Intra-Asia demand growth decreased by five percentage points from the previous month, partially linked to the social unrest in Bangladesh and Typhoon Shanshan in Japan. Both events impacted local logistics operations with airport closures and flight cancellations. Capacity increased by 8.6 percent year-on-year."

North American carriers saw 4.8 percent YoY demand growth - the lowest of all regions. Demand on the Asia-North America trade lane, the largest trade lane by volume, grew by 9.3 percent YoY while the North America-Europe route saw a more modest increase of 6.1 percent. Capacity increased by 2.4 percent YoY.

European carriers saw 13.5 percent year-on-year demand growth for air cargo in August. "The Middle East–Europe trade lane led growth, up 28.9 percent, maintaining a streak of double-digit annual growth that originated in September 2023. The Europe–Asia route, the second largest market, was up 18.4 percent. Within Europe also saw double-digit growth, up 15 percent. August capacity increased 9.4 percent year-on-year."

Middle Eastern carriers also saw 13.5 percent year-on-year demand growth. "As mentioned above, the Middle East–Europe market performed particularly well, surging 28.9 percent, ahead of Middle East-Asia which grew by 13.5 percent year-on-year. August capacity increased four percent year-on-year.

Latin American carriers saw 14.2 percent YoY demand growth while capacity increased eight percent YoY.

African airlines saw 7.5 percent YoY demand growth while capacity increased 11.4 percent. Demand on the Africa–Asia market increased by 21.1 percent compared to August 2023, maintaining a streak of double-digit annual growth that originated in the second half of 2023.

Story first published on stattimes