Global air cargo demand continued to remain strong into the second quarter of 2024, data showed on Wednesday.
Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.1 percent compared to April 2023 levels (11.6 percent for international operations). This is the fifth consecutive month of double-digit year-on-year growth, the International Air Transport Association (IATA) said as it released its data for April 2024.
The upward trend in industry CTKs was also driven by traffic on international routes, which grew by 11.6 percent year-on-year in April, likely supported by booming e-commerce and capacity constraints in global maritime shipping.
However, at 21.7 billion CTKs globally in April, demand was down 6.5 percent compared to March.
Asia-Pacific carriers lead growth
Leading this growth were the Asia-Pacific airlines, which saw a 14 percent year-on-year demand growth for air cargo in April. This was followed by European (12.7 percent) and Latin American (11.7 percent) carriers.
Middle Eastern carriers, meanwhile, saw 9.4 percent year-on-year demand growth for air cargo in April. The Middle East–Europe market performed particularly well with 30.1 percent annual growth, ahead of Middle East-Asia, which grew by 10.4 percent year-on-year, IATA said. April capacity in the region increased 5.7 percent year-on-year.
Overall capacity climbs
Overall capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.1 percent compared to April 2023 (10.2 percent for international operations), IATA said.
“Air cargo demand started Q2 with a solid 11.1 percent increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust,” said Willie Walsh, IATA’s Director General.
In April, the PMIs for global manufacturing output and new export orders turned positive (51.5 and 50.5 respectively). This is the first time in two years that the new export orders PMI has been in growth territory. Industrial production, too, increased by 1.6 percent in March year-on-year, while global cross-border trade contracted by 0.8 percent, contributing to the surge in cargo demand.
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