Annual air cargo demand so far tops past 3 years

Air cargo demand showed strong annual growth in the first half of 2024, exceeding H1 volumes from the prior three years, including a record-breaking 2021. H1 demand, measured in cargo tonne kilometers (CTK), increased, according to data released today by IATA , as follows : 13.4% compared with H1 2023; 4.3% compared with H1 2022; and 0.02% compared with H1 2021. “Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs,” IATA Director General Willie Walsh said in the release. “ Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers.” June growth Air cargo demand in June rose 14.1% compared with June 2023 levels and 15.6% year over year for international operations. This is the seventh consecutive month of double-digit YoY growth, according to IATA. Capacity, measured in available CTKs, increased 8.8% YoY in June and 10.8% for international operations. "Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024,” Walsh said. The release highlighted the following operating environment factors: June’s Purchasing Managers’ Index (PMI) for global manufacturing output stood at 52.3, indicating expansion, while the new export orders’ PMI contracted to 49.3. A PMI above 50 indicates growth. Global cross-border trade in May expanded 0.1% month over month and industrial production stayed flat. June inflation rates in the European Union and Japan rose 2.6% MoM and 2.8% MoM, respectively, and inflation rates in the United States fell 3% MoM. China’s inflation rate remained near zero with a 0.3% MoM increase, “reflecting weak domestic demand amid high unemployment, slow income growth and a crisis in the real estate sector,” according to the release. [caption id="attachment_57144263" align="alignnone" width="1328"] (Courtesy/IATA)[/caption] Asia Pacific Asia-Pacific carriers saw air cargo demand grow 17% YoY in June, the strongest growth among all regions. Demand grew: 37.5% YoY on the Africa-Asia trade lane; 20.3% YoY on the Europe-Asia trade lane; 21% YoY on the within-Asia trade lane; and 15.1% YoY on the Middle East-Asia trade lane. Capacity increased by 10.7% YoY. North America North American carriers saw demand grow 9.5% YoY, the weakest growth among all regions. Demand on the North America-Europe route grew 6.7% YoY. The Asia-North America trade lane, the world’s largest, grew 12.8% YoY, the largest annual increase in five months, according to IATA. June capacity increased 6% YoY. Europe European carriers saw demand rise 16.1% YoY. Intra-European air cargo demand rose 16.7% YoY, the sixth month in a row of double-digit annual growth on this lane, according to IATA. Europe-Middle East and Europe-Asia routes saw demand increase 30.2% and 20.3%, respectively. June capacity increased 9.1% YoY. Middle East Middle Eastern carriers saw demand grow 13.8% YoY. June capacity increased 6.9% YoY. Latin America Latin American carriers saw demand grow 13.1% YoY. Capacity increased 15.5% YoY. Latin America posted the second-highest increase in international demand at 17.2% YoY, up 6.3 percentage points compared with the previous month. Africa African airlines saw demand grow 11.8% YoY. The Africa-Asia trade lane’s demand growth was the highest of all trade lanes at 37.5% YoY. June capacity increased by 23.8% YoY.

Annual air cargo demand so far tops past 3 years

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