Air cargo demand up again in October
December 4, 2024
The International Air Transport Association (IATA) has released its October 2024 report on global air cargo markets, highlighting robust annual growth in demand for the 15th consecutive month.
Cargo tonne-kilometres (CTKs), the measure of total demand, rose by 9.8% year-on-year, with international operations seeing a slightly higher growth rate of 10.3%.
Available cargo tonne-kilometres (ACTKs), a measure of capacity, also increased by 5.9% compared to October 2023, driven largely by an 8.5% rise in international belly capacity as passenger operations recover.
Dedicated freighter capacity grew by 5.6%, marking the seventh straight month of expansion, with volumes nearing their peak levels from 2021.
“Air cargo markets continued their strong performance in October, with demand rising 9.8% year-on-year and capacity up 5.9%. Global air cargo yields (including surcharges) continue to rise, up 10.6% on 2023 and 49% on 2019 levels,” said Willie Walsh, IATA’s Director General.
“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.”
