Global Air Cargo Industry Begins 2024 with Demand up 18.4% in January

The International Air Transport Association (IATA) says data for January 2024 global air cargo markets indicated a strong start to 2024.

It said total demand, measured in cargo tonne-kilometres (CTKs), increased by 18.4% compared to January 2023 levels (19.8% for international operations). This significant upturn marks the highest annual growth in cargo tonne-kilometres (CTKs) since the summer season of 2021.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 14.6% compared to January 2023 (18.2% for international operations). This was largely related to the growth in belly capacity. International belly capacity rose 25.8% year-on-year (YoY) on the strength of passenger markets.

«Air cargo demand was up 18.4% year-on-year in January. This is a strong start to the year. In particular, the booming e-commerce sector is continuing to help air cargo demand to trend above growth in both trade and production since the last quarter of 2023. The counterweight to this good news is uncertainty over how China’s economic slowdown will unfold,» said IATA’s Director General Willie Walsh.

In 2023 IATA data showed air cargo demand rebounded with a particularly strong fourth quarter performance despite economic uncertainties. Full-year demand reached a level just slightly below 2022 and 2019.

Global full-year demand in 2023, measured in cargo tonne-kilometres (CTKs), was down 1.9% compared with 2022 (-2.2% for international operations). Compared with 2019, it was down 3.6% ( -3.8 for international operations).

December 2023 saw an exceptionally strong performance: global demand was 10.8% above 2022 levels (+11.5% for international operations). This was the strongest annual growth performance over the past two years. Global capacity was 13.6% above 2022 levels (+14.1% for international operations).

Asia-Pacific airlines saw their air cargo volumes increase by 24.6% in January 2024 compared to the same month in 2023. This performance was above the previous month (+18.5%). Carriers in the region benefited from ongoing growth in international CTKs on three major trade lanes: Africa-Asia (+52.5%), Middle East-Asia (+29.5%) and Europe-Asia (+27.5%). Available capacity for the region’s airlines increased by 25% compared to January 2023 as more belly capacity came online from the passenger side of the business.

North American carriers had the weakest performance of all regions in January with a 9.3% increase (YoY) in cargo volumes. This was an improvement in performance compared to December (2%). Carriers in the region benefited from growth on the North America-Asia trade lane (+17.1%) and North America-Europe trade lane (+3.5%). Capacity increased by 3.8% compared to January 2023.

European carriers saw their air cargo volumes increase by 16.4% in January compared to the same month in 2023. This was a stronger performance than in December (+8.6%). Carriers in the region benefited from the strong growth in international CTKs in the within Europe market (+18.4%) and the Europe – Asia route (+27.5%).  Gains made from the significant expansion in the Middle East-Europe trade lane (+46.1%) also benefited carriers in the region. Capacity increased 12.5% in January 2024 compared to the same month in 2023.

Middle Eastern carriers had the strongest performance in January 2024, with a 25.9% year-on-year increase in cargo volumes. 

This was a significant improvement from the previous month’s performance (+18.3%). Carriers in the region benefited from growth in the Middle East–Asia (+29.5%) and Middle East–Europe markets (+46.1%). Capacity increased 17.1% compared to January 2023.

Latin American carriers experienced a 13.4% increase in cargo volumes compared to January 2023, a notable increase compared to the previous month’s gain (+6.4%). Capacity in January was up 6.6% compared to the same month in 2023.

African airlines saw their air cargo volumes increase by 17% in January 2024, much improved compared to December’s performance (-1.2%). Carriers in the region benefited from strong growth on the Africa-Asia trade lane. Capacity in January was 19.4% above January 2023 levels.

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