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June air cargo demand soared 14.1% from the same period last year, according to latest data from the International Air Transport Association
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This marks the seventh consecutive month of double-digit year-on-year growth
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The strong demand resulted in volumes exceeding 2023, 2022, and even the record-breaking 2021 levels
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In terms of available cargo ton-kilometers, capacity went up by 8.8% compared to June last year
June air cargo demand soared 14.1% in cargo ton-kilometers from the same month last year, the seventh consecutive month of double-digit year-on-year growth, the International Air Transport Association (IATA) said in a statement.
The strong demand resulted in volumes exceeding 2023, 2022, and even the record-breaking 2021 levels, said the association which represents 330 airlines comprising 80% of global air traffic.
In terms of available cargo ton-kilometers, capacity went up by 8.8% compared to June last year, according to the latest IATA data.
“Air cargo demand surged in June. Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs. Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers. Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024,” said IATA director general Willie Walsh.
IATA pointed out several factors in the operating environment.
In June, the Purchasing Managers Index for global manufacturing output indicated expansion, while new export orders registered a slight contraction, falling just below the critical 50-point benchmark to 49.3.
Inflation, meanwhile, “was a mixed picture in June.” In Japan and the EU, inflation was roughly constant compared to the previous month at 2.8% and 2.6%, respectively, while slipping in the US to 3.0%.
China’s inflation rate stayed near zero, reflecting weak domestic demand amid high unemployment, slow income growth, and real estate crisis. This trend has persisted since last year, said IATA.
The demand growth for airlines varied, with Asia Pacific airlines seeing a 17% year-on-year growth in June, tops among all regions. On the other end were the North American carriers, which had the weakest growth among all regions at 9.5%.
For European carriers, year-on-year demand growth for air cargo in June was at 16.1%, while for Middle Eastern carriers it was 13.8%. The Middle East-Europe market performed exceptionally well at 15.1% growth.
June’s year-on-year demand growth for air cargo was at 13.1% for Latin American carriers, while for African carriers it was 11.8%.
