The International Air Transport Association (IATA) has released data for April 2024 global air cargo markets, showing strong annual growth in demand continuing into the second quarter (Q2).
Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.1% compared to April 2023 levels, marking the fifth consecutive month of double-digit year-on-year growth. Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.1% compared to April 2023.
Willie Walsh, IATA’s Director General, said, “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 Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust.”
Several factors in the operating environment were noted, including positive PMIs for global manufacturing output and new export orders, increased industrial production, and relatively stable inflation across the US, EU, and Japan.
Asia-Pacific airlines saw the strongest year-on-year demand growth at 14.0%, followed by European carriers at 12.7%. North American carriers experienced the weakest growth among all regions at 7.0%.
The Middle East–Europe market performed particularly well with 30.1% annual growth, while the Africa–Asia market saw a 25.8% increase compared to April 2023.
Walsh emphasized the deepening roots of air cargo’s strong performance, with demand growth outpacing economic indicators such as the PMI. As the PMI now indicates growth, the prospects for continued strong demand in the air cargo sector appear even more robust.
The latest data from IATA underscores the resilience of the air cargo industry, which continues to play a vital role in global supply chains and economic recovery amid ongoing uncertainties.
