Ninth straight month of double-digit air cargo growth
Global air cargo demand continued to surge in August 2024, with the International Air Transport Association (IATA) reporting an 11.4% rise in cargo tonne-kilometres (CTKs) compared to August 2023.
This marks the ninth consecutive month of double-digit year-on-year growth, with demand levels approaching the record highs seen in 2021.
Capacity also saw a strong increase, up 6.2% overall, driven largely by a 10.9% boost in international belly cargo capacity linked to rising passenger numbers.
However, the broader economic backdrop showed signs of slowing, IATA said.
Global cross-border trade fell slightly by 0.3%, while manufacturing output and new export orders contracted, with Purchasing Managers Indexes (PMIs) for both metrics dropping below the 50-point mark.
Inflation presented a mixed picture: while it eased in the US and EU, Japan and China saw increases, with Japan’s rate reaching a 10-month high of 3.0%.
“We continue to see very good news in air cargo markets. The sector recorded a second consecutive month of record high demand year-to-date. Even with record levels of capacity, yields are up 11.7% on 2023, 2% on the previous month, and 46% above pre-pandemic levels. This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping,” said Willie Walsh, IATA’s Director General.
