IATA: Sixth consecutive month of double-digit air cargo growth
The International Air Transport Association (IATA) has reported strong continued annual expansion in demand for air cargo, with May 2024 the sixth consecutive month of double-digit year-on-year growth.
Total demand for May (measured in cargo tonne-kilometres) rose by 14.7% compared to May 2023 levels, with capacity also increasing 6.7% year-on-year. Willie Walsh, IATA director general, attributed this to “trade growth, booming e-commerce and capacity constraints on maritime shipping,” with the strongest growth of all trade lanes (a rise of 40.6%) seen across Africa to Asia routes.
Overall, African airlines also saw the largest year-on-year growth in demand for air cargo in May (up 18.4%), followed by Asia-Pacific and European carriers at 17.8% and 17.2% respectively. However, North American airlines saw the weakest overall growth in demand at just 8.7%.
However, Walsh cautioned that although the global outlook “remains largely positive,” the US imposition of stricter rules on e-commerce from hinder growth. “Increased costs and transit times for shipments under $800 may deter US consumers and pose significant challenges for growth on the Asia-North America trade lane – the world’s biggest,” added Walsh.
