The International Air Transport Association (IATA) reported an 8.2% year-on-year increase in global air cargo demand (CTK) for November 2024, marking the 16th consecutive month of growth.
Key Highlights
Total Market: Cargo demand grew 8.2%, outpacing capacity growth of 4.6%. The global cargo load factor rose to 49.0% (+1.6 ppt).
International Demand: Expanded 9.5%, reflecting the resilience of global trade and sustained e-commerce growth.
Regional Performance
Asia-Pacific: Led all regions with 13.2% growth in demand, supported by a 9.4% increase in capacity.
North America: Demand rose 6.9%, with capacity up 2.2%.
Latin America: Recorded robust growth of 11.6% in demand, with a 6.4% rise in capacity.
Europe: Achieved a 5.6% demand increase, with capacity growing 4.3%.
Middle East: Demand grew 3.6%, despite a 0.6% decline in capacity.
Africa: Demand contracted by 0.7%, the only region to see a decline, with capacity up 0.4%.
Trade Lane Insights
Asia-North America: Demand grew 13.0%, extending its growth streak to 13 months and accounting for 24.9% of market share.
Europe-Asia: Growth of 12.9%, the 21st consecutive month of expansion.
Within Asia: Demand increased by 12.2%, supported by robust intra-regional trade.
Middle East-Europe: Demand climbed 9.9%, continuing 16 months of steady growth.
Operational Environment
Economic Indicators: Industrial production rose 2.1%, while global goods trade expanded 1.6%, sustaining air cargo demand.
Inflation Trends: Inflationary pressures are mixed, with the U.S. and EU experiencing slight increases while China’s inflation dropped to 0.2%, signalling potential economic challenges.
Cost Advantages: Fuel costs were 22% lower than in November 2023, supporting profitability alongside a 7.8% rise in yield.
IATA Commentary
Willie Walsh, IATA’s Director General, emphasized air cargo’s strong momentum but warned of downside risks: “Inflation, geopolitical uncertainties, and trade tensions could challenge this growth. However, the industry remains on track to close 2024 profitably and sustain momentum into 2025.”
Conclusion
November’s performance highlights air cargo’s resilience and the sector’s ability to adapt to shifting market conditions. Continued trade growth and e-commerce demand will likely fuel further expansion, though vigilance is required to navigate potential economic and geopolitical challenges.
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