-
Global air cargo markets showed continued strong annual growth in demand, according to the International Air Transport Association
-
Total demand measured in cargo ton kilometers rose by 10.3% compared to March 2023
-
Demand contributed to a strong first-quarter performance, which slightly exceeded even the exceptionally strong 2021
The global air cargo market posted its fourth month of double-digit growth in March, according to latest data from the International Air Transport Association (IATA).
Total demand measured in cargo ton kilometers rose by 10.3% in March compared to the same month last year.
In terms of available cargo ton kilometers, capacity rose by 7.3% year-on-year.
IATA director general Willie Walsh said the growth of air cargo demand “contributed to a strong first quarter performance, which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis.”
Walsh added that 2024 is shaping up to be a “solid year” for air cargo with worldwide cross-border trade and industrial production continuing to show a moderate upward trend.
IATA noted several factors in the operating environment, including:
- Global cross-border trade and industrial production increased by 1.2% and 1.6%, respectively, in February.
- Manufacturing output Purchasing Managers’ Index rose to 51.9 in March, indicating expansion. New export orders PMI rose 49.5, slightly below the 50 threshold that indicates growth expectations.
- Inflation picture was mixed, with the EU and Japan experiencing lower rates at 2.6% and 2.7%, respectively.
- Inflation in the US rose to 3.5%, while China saw a slight deflation of -0.01%.
Asia Pacific airlines had a 14.3% year-on-year demand growth for air cargo in March, while the Asia-Europe route rose by 2.7 percentage points to 17%. Capacity likewise rose by 14.3% year-on-year.
North American carriers, meanwhile, saw 0.9% year-on-year demand growth for air cargo in March. This was the weakest among all regions.
The North America-Europe trade lane demand grew by 2.9% year-on-year, while Asia-North America grew by 4.7%. March capacity, however, decreased by -1.9% year-on-year.
European carriers experienced a 10% year-on-year demand growth in March, while for Middle Eastern carriers had a 19.9% growth, the strongest for all regions.
Latin American carriers and African airlines saw growth of 9.2% and 14.2%, respectively, for March 2024.
