-
The International Air Transport Association has released data for April 2024, revealing strong annual growth in global air cargo demand into the second quarter
-
Total demand, measured in cargo ton-kilometers, surged by 11.1% year-on-year
-
Capacity, measured in available cargo ton-kilometers, increased by 7.1% compared to April 2023 (10.2% for international operations)
Global air cargo demand sustained growth in April, based on latest data from the International Air Transport Association (IATA).
Total demand, measured in cargo ton-kilometers (CTKs), surged by 11.1% compared to April 2023 levels, with international operations seeing an 11.6% increase. This marks the fifth consecutive month of double-digit year-on-year growth.
Capacity, measured in available cargo ton-kilometers (ACTKs), rose by 7.1% compared to April 2023, with international operations experiencing a 10.2% increase.
“Air cargo demand started Q2 with a solid 11.1% increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the PMI was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust,” IATA director general Willie Walsh said in a statement.
READ: Global air cargo posts 4 months of double-digit growth — IATA
Several notable factors in the operating environment include:
- In April, the Purchasing Managers Index (PMI) for global manufacturing output and new export orders turned positive at 51.5 and 50.5, respectively. This marks the first time in two years that the new export orders PMI has shown growth.
- Industrial production increased by 1.6% y-o-y in March, while global cross-border trade contracted by 0.8%.
- Inflation remained relatively stable across the US, EU, and Japan in April, with rates at 3.4%, 2.6%, and 2.5%, respectively. China reported a 0.2% increase in consumer prices, signaling positive trends amid concerns over China’s economic slowdown.
April Regional Performance
- Asia-Pacific: Airlines saw a 14.0% year-on-year demand growth in April, the strongest among all regions. Demand within the Asia market grew by 13.2%, and the Asia-Europe route increased by 17.7%. The Middle East-Asia route rose by 10.4%, though this was 9.5 percentage points (ppt) less than the growth recorded in March. Capacity increased by 7.8%.
- North America: Carriers experienced a 7.0% y-o-y demand growth in April, the weakest among all regions. Demand on the Asia-North America trade lane grew by 7.3%, while the North America-Europe route saw a 5.6% increase, marking the largest demand growth for the route since September 2022. April capacity increased by 4.0%.
- Europe: Carriers saw a 12.7% year-on-year demand growth in April. Intra-European air cargo rose by 34.4% compared to April 2023, reflecting the highest annual growth in over a decade and an 8.1 ppt increase compared to the previous month. Europe–Middle East routes saw a 30.1% demand increase, although this was an 8.5 ppt drop from the previous month. April capacity increased by 10.3%.
- Middle East: Carriers experienced a 9.4% year-on-year demand growth in April. The Middle East-Europe market performed particularly well with 30.1% annual growth, ahead of the Middle East-Asia route, which grew by 10.4% y-o-y. April capacity increased by 5.7%.
- Latin America: Carriers saw an 11.7% y-o-y demand growth in April. Capacity increased by 9.8%.
- Africa: Airlines experienced a 10.6% y-o-y demand growth in April. Demand in the Africa–Asia market increased by 25.8% compared to April 2023. April capacity increased by 18.7%.
