Air cargo traffic grows for 15th consecutive month

Air cargo traffic saw strong annual growth in October, marking its 15th consecutive month of year-over-year growth. October’s air cargo traffic, measured in cargo tonne kilometers (CTK), grew 9.8% YoY. Air cargo traffic on international lanes rose 10.3% compared with October 2023, according to data released this week by IATA . Capacity, measured in available CTKs, grew 5.9% YoY and 7.2% YoY for international operations. This was largely driven by an 8.5% YoY increase in international belly capacity, according to IATA. Freighter capacity increased 5.6% YoY, the seventh consecutive month of growth, with volumes nearing 2021 peak levels. Air cargo yields, including surcharges, rose 10.6% YoY and 49% from October 2019. “While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution,” IATA Director General Willie Walsh said in the release. President-elect Donald Trump’s promise to impose significant tariffs on the United States’ top trading partners — Canada, China and Mexico — could undermine global supply chains and consumer confidence, Walsh said. Manufacturing activity rebounds The release highlighted these operating environment factors: Industrial production rose 1.6% YoY in September while global goods trade increased 2.4% YoY, growing for the sixth consecutive month. IATA partially attributed the increase in trade to businesses stockpiling inventory ahead of potential disruptions, such as the U.S. port strike threatened for January. Global manufacturing activity rebounded in October. The Purchasing Managers’ Index (PMI) for global manufacturing output was above 50 while the PMI for new export orders was below 50. A PMI above 50 indicates growth and a PMI below 50 indicates contraction. U.S. headline inflation, based on the annual Consumer Price Index, rose 0.17 percentage points to 2.58% in October, ending a six-month decline. The inflation rate in the European Union in October increased 0.24 percentage points to 2.33%. China’s consumer inflation fell to 0.29% in October, sparking concerns of an economic slowdown, according to IATA. [caption id="attachment_57147059" align="aligncenter" width="1327"] (Courtesy/IATA)[/caption] Regional performance Carriers across all regions saw YoY growth in traffic and capacity in October. Latin American carriers saw the largest growth in air cargo traffic while African carriers saw the least — the same as the previous month. By region: Latin American carrier traffic grew 18.5% and capacity grew 5.8%; Asia-Pacific carrier traffic grew 13.4% and capacity grew 9.3%; North American carrier traffic grew 9.5% and capacity grew 5.8%; European carrier traffic grew 7.6% and capacity grew 3.9%; Middle Eastern carrier traffic grew 4.5% and capacity grew 0.8%; and African carrier traffic grew 1.6% and capacity grew 7.7%. Airlines flying international routes continued to benefit in October from rising e-commerce demand in the United States and Europe, as well as capacity constraints in ocean shipping, according to IATA. By trade lane: Intra-Europe grew 18% YoY, its 11th consecutive month of growth; Middle East-Europe grew 15.3% YoY, its 15th consecutive month of growth; Intra-Asia grew 15% YoY, its 12th consecutive month of growth; Europe-Asia grew 14.3% YoY, its 20th consecutive month of growth; Africa-Asia grew 13.3% YoY, its 14th consecutive month of growth; Middle East-Asia grew 9% YoY, its 17th consecutive month of growth; Asia-North America grew 8.6% YoY, its 12th consecutive month of growth; and North America-Europe grew 8.6% YoY, its 12th consecutive month of growth. Register now for Cargo Facts' essential regional events for industry stakeholders: Cargo Facts LATAM 2025 on Feb. 10-11 at the Pullman Sao Paulo Guarulhos Airport in Brazil; Cargo Facts Asia 2025 on March 24-26 at the W Shanghai in China; and Cargo Facts EMEA 2025 on May 6-8 at the Shangri-La Bosphorus in Turkey.

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