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Global air cargo demand grew for the 16th consecutive month in November 2024, according to the International Air Transport Association
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Demand rose 8.2% year-on-year in November while capacity increased 4.6%
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Increased industrial production and steady goods trade drove global growth, though uncertainties persist with inflation rates varying across the US, EU and China
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2024 is expected to end on a profitable note
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There is potential for continued strong performance in 2025 but downside risks such as inflation, geopolitical uncertainties, and trade tensions exist
Air cargo demand grew for the 16th consecutive month in November 2024, the International Air Transport Association (IATA) said in a statement.
Total demand, measured in cargo ton-kilometers, rose 8.2% year-on-year in November.
International operations jumped 9.5%. Capacity, measured in available cargo ton-kilometers, increased 4.6% compared to November 2023 (6.5% for international operations).
“It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. All things considered, we are looking to close out 2024 air cargo performance on a profitable note,” said Willie Walsh, IATA director general.
Walsh noted the potential for continued strong performance in 2025 but flagged downside risks such as inflation, geopolitical uncertainties, and trade tensions.
IATA said several factors should be noted:
- Industrial production grew by 2.1% year-on-year in October. Global goods trade expanded for the seventh consecutive month, rising by 1.6%.
- The Purchasing Managers’ Index for global manufacturing output remained above 50, signaling growth, though the PMI for new export orders stayed below 50, suggesting persistent uncertainties in global trade.
- US headline inflation, based on the annual Consumer Price Index, rose by 0.1 percentage point to 2.7% in November. In the same month, the inflation rate in the EU increased by 0.2 percentage point to 2.5%. China’s consumer inflation fell to 0.2% in November, continuing concerns of an economic slowdown.
Regional performance:
• Asia-Pacific airlines: Led all regions with 13.2% year-on-year demand growth and 9.4% capacity growth.
• North American carriers: Demand increased by 6.9% with capacity up by 2.2%.
• European: Demand rose by 5.6%, capacity by 4.3%.
• Middle East: Demand grew by 3.6% but capacity declined by 0.6%.
• Latin America: Demand surged by 11.6%; capacity grew by 6.4%.
• Africa: Demand slipped by 0.7% while capacity increased by 0.4%.
IATA said international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November with airlines benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
