September Saw 9.4% Growth for Air Cargo
The International Air Transport Association (IATA) released data for September 2024 global air cargo markets showing continuing strong annual growth in demand.
- Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 9.4% compared to September 2023 levels (10.5% for international operations) for a 14th consecutive month of growth.
- Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.4% compared to September 2023 (8.1% for international operations). This continued to be largely related to the growth in international belly capacity, which rose 10.3%--extending the trend of double-digit annual capacity growth to 41 consecutive months.
“September performance brought continued good news for air cargo markets. With 9.4% year-on-year growth, cargo volumes continued to mark all-time highs for demand. Yields are also improving, up 11.7% on 2023 and 50% above 2019 levels. All this points to a strong finish for this year. For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how US trade policy will evolve,” said Willie Walsh, IATA’s director general.
Several factors in the operating environment should be noted:
- Year-on-year, industrial production rose 1.6% while global goods trade increased 2.8% for a sixth consecutive month of growth. Monthly trade grew by 1.4%, the highest in seven months.
- The Purchasing Managers Index (PMIs) for global manufacturing output, and the PMI for new export orders, were both below the 50-mark at 49.4 and 47.5 respectively, indicating contraction.
- US headline inflation, based on the annual Consumer Price Index (CPI), declined by 0.2 percentage points to 2.4% in September, marking the seventh straight month of easing inflation. In the same month, the inflation rate in the EU fell by 0.3 percentage points to 2.1%, continuing a process started in January 2023. China’s consumer inflation remained low at 0.4% in September amid concerns of an economic slowdown.
September Regional Performance
Asia-Pacific airlines saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased by 8.5% year-on-year.
North American carriers saw 3.8% year-on-year demand growth for air cargo in September. Capacity increased by 4.2% year-on-year.
European carriers saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased 7.5% year-on-year.
Middle Eastern carriers saw 10.1% year-on-year demand growth for air cargo in September. Capacity increased 2.9% year-on-year.
Latin American carriers saw 20.9% year-on-year demand growth for air cargo in September, the strongest growth among the regions. Capacity increased 7.9% year-on-year.
African airlines saw 1.7% year-on-year demand growth for air cargo in September, the slowest among regions. September capacity increased by 13.9% year-on-year.
Trade Lane Growth: International routes experienced exceptional traffic levels for a fifth month, with a 10.5% year-on-year increase in September. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
