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2024 was a banner year for global air cargo
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Demand for air cargo jumped 11.3% last year compared to 2023, according to the International Air Transport Association
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Measured in cargo ton kilometers, the demand was an all-time high, topping the previous high set in 2021
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In terms of available cargo ton kilometers, last year’s capacity rose by 7.4% compared to 2023
Last year was a banner year for global air cargo.
Demand for global air cargo jumped 11.3% in 2024 compared to 2023, according to the International Air Transport Association (IATA).
Measured in cargo ton kilometers (CTK), the demand was an all-time high, topping the previous high set in 2021.
In terms of available cargo ton kilometers (ACTK), last year’s capacity rose by 7.4% compared to 2023.
Global demand in December 2024 was 6.1% above December 2023 levels (7.0% for international operations). Global capacity was up 3.7% (5.2% for international operations). Cargo yields were 6.6% higher than December 2023 and 53.4% higher than in December 2019.
IATA director general Willie Walsh said air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before.
“Importantly, it was a year of profitable growth,” he said, adding, “Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions.”
The combined airspace restrictions which limited capacity on some key long-haul routes to Asia helped keep yields at “exceptionally” high levels, he said, even as average yields still softened from 2021-2022 peaks. These averaged 39% higher than 2019.
This year, IATA expects growth to be more moderate at 5.8% following historical performance.
“Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” said Walsh.
Among factors in the operating environment worth noting include global trade growing by 3.6% annually last year.
In December 2024, the Purchasing Managers Index was at 49.2 and new export orders at 48.2, both below the critical threshold of 50. These indicate a decline in global manufacturing production and exports.
Based on annual consumer price index, US headline inflation rose by 0.2 percentage points to 2.9% last December. In Europe that same month, inflation in the EU rose by 0.2 percentage points to 2.7%.
In China, meanwhile, inflation fell by 0.1 percentage points to 0.1% in December 2024, marking the 4th consecutive year-on-year decline and reinforcing concerns about an economic slowdown.
International routes, IATA said “experienced exceptional traffic levels for the 17th consecutive month with a 7% year-on-year increase in December. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.”
Regional Performance
Asia-Pacific airlines saw 14.5% year-on-year demand growth for air cargo in 2024, the strongest among the regions. Capacity increased by 11.3% year-on-year. December year-on-year demand increased 8.4% and capacity increased 6.3%.
North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased 5.3% and capacity increased 2.1%.
European carriers saw 11.2% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8% year-on-year. December year-on-year demand increased 5.1% and capacity increased 3.7%.
Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased 3.3% and capacity increased 0.2%.
Latin American carriers saw 12.6% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9% year-on-year. December year-on-year demand increased 10.9%, the highest of all regions and capacity increased 8.4%.
African airlines saw 8.5% year-on-year demand growth for air cargo in 2024. Capacity increased by 13.6% year-on-year. December year-on-year demand decreased by -0.9%, the lowest of all regions and capacity increased 1.8%.
