Asia-Pacific airlines report strongest cargo demand growth in Nov
Total demand, measured in cargo tonne-kilometers (CTK), rose by 8.2% in November (9.5% for international operations).
Asia-Pacific airlines saw 13.2 percent demand growth for air cargo in November 2024 compared to November 2023, the strongest growth among the regions. Capacity increased by 9.4 percent year-on-year.
Total demand, measured in cargo tonne-kilometers (CTK), rose by 8.2 percent in November compared to November 2023 levels (9.5 percent for international operations) for a 16th consecutive month of growth, according to the latest data from the International Air Transport Association (IATA). Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.6 percent compared to November 2023 (6.5 percent for international operations).
"It was a good November for air cargo with 8.2 percent demand growth, nearly doubling the 4.6% growth in cargo capacity," says Willie Walsh, Director General, IATA. "Fuel costs tracked at 22 percent below previous-year levels and tight market conditions supported yield growth at 7.8 percent. All things considered, we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions."
November regional performance
Latin American carriers saw 11.6 percent year-on-year demand growth and capacity increased 6.4 percent.
North American carriers saw 6.9 percent year-on-year demand growth while capacity increased by 2.2 percent year-on-year.
European carriers saw 5.6 percent year-on-year demand growth while capacity increased 4.3 percent.
Middle Eastern carriers saw 3.6 percent YoY demand growth while capacity declined marginally (0.6 percent) YoY.
African airlines saw a 0.7 percent year-on-year decrease in demand, the slowest among regions. Capacity increased by 0.4 percent year-on-year.
Trade lane numbers
International routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5 percent year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping, the update added.
The Asia-North America lane has reported 13 percent YoY growth (13 months of consecutive growth). Europe-Asia has also reported 13 percent YoY growth (21 months of consecutive growth). Growth within Asia was over 12 percent (13 months of consecutive growth).
