Global air cargo demand decreased by 0.1% in February compared to the same month last year, marking the first decline since mid-2023, according to data released by the International Air Transport Association (IATA).
The slight contraction in cargo tonne-kilometres (CTK) was accompanied by a 0.4% decrease in capacity, measured in available cargo tonne-kilometres (ACTK).
IATA noted that year-on-year comparisons were affected by February 2024 having an extra day due to the leap year.
IATA Director General Willie Walsh attributed the decline to several factors.
“February saw a small contraction in air cargo demand, the first year-on-year decline since mid-2023. Much of this is explained by February 2024 being extraordinary—a leap year that was also boosted by Chinese New Year traffic, sea lane closures and a boom in e-commerce,” Mr Walsh said.
Mr Walsh expressed concern about rising trade tensions affecting the industry.
“Rising trade tensions are, of course, a concern for air cargo. With equity markets already showing their discomfort, we urge governments to focus on dialogue over tariffs,” he said.
Despite the slight decline in air cargo demand, several positive economic indicators were observed in the operating environment.
The industrial production index rose 3.2% year-on-year in January, representing the highest growth in two years, while world trade expanded by 5%.
Jet fuel prices dropped by 2.1% from January, averaging $94.6 per barrel in February.
The Purchasing Managers Index (PMI) for global manufacturing output was 51.5 in February, above the 50-mark threshold that indicates growth.
Regional performance varied significantly across the global market.
Asia-Pacific carriers recorded the second-strongest growth with demand increasing by 5.1% compared to February 2024, while capacity grew by 2.7%.
Latin American airlines led regional performance with 6.0% year-on-year demand growth and a 7.6% increase in capacity.
European carriers saw a marginal 0.1% decrease in demand with capacity declining by 0.2%.
North American airlines experienced a 0.4% decrease in demand while capacity fell by 3.5%.
The sharpest decline was recorded by Middle Eastern carriers with an 11.9% year-on-year decrease in demand and a 4.0% reduction in capacity.
African airlines saw demand fall by 5.7% while capacity decreased by 0.6%.
According to IATA’s analysis of trade lanes, the Trans-Pacific corridor remained the busiest route in February, while Intra-Asia led growth to become the fifth busiest trade lane.
Europe-Asia and Transatlantic routes also expanded, while Middle East-Asia and European routes experienced declines.
