Air cargo demand achieves record growth in 2024

January 30, 2025

The International Air Transport Association (IATA) has reported a record-breaking year for global air cargo in 2024, with demand soaring past previous highs set in 2021.
According to IATA data, full-year demand, measured in cargo tonne-kilometres (CTK), increased by 11.3% compared to 2023, with international operations rising by 12.2%.
Capacity also expanded, with available cargo tonne-kilometres (ACTK) increasing by 7.4% compared to the previous year, and international operations rising by 9.6%. Despite this growth, full-year yields averaged 1.6% lower than in 2023 but remained 39% higher than pre-pandemic levels in 2019.
“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39% higher than 2019,” said Willie Walsh, IATA’s Director General.
December 2024 capped the year with continued strong performance, as global demand rose 6.1% compared to December 2023, while international operations saw a 7.0% increase. Capacity was 3.7% higher globally and 5.2% higher for international cargo, with cargo yields surging 6.6% from December 2023 levels, marking a staggering 53.4% increase from December 2019.
Several economic factors influenced this surge in demand. Global trade in goods grew by 3.6% in 2024, reinforcing the resilience of the air cargo sector. However, December saw signs of economic challenges, as the manufacturing output Purchasing Managers Index (PMI) stood at 49.2, and new export orders PMI at 48.2, both below the critical 50 threshold, indicating contraction in global manufacturing and exports.
With air cargo demand reaching new heights, industry stakeholders will be closely monitoring global economic conditions in 2025 to assess potential impacts on future growth.
“Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance. “Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” said Walsh.