Air cargo traffic spikes 11.3% in 2024 with record volumes

Air cargo traffic broke a three-year-old record in 2024, reflecting a rebounding market from the prior year and exceeding the record volumes set in 2021. The full year’s air cargo traffic, measured in cargo tonne kilometers (CTK), grew 11.3% year over year. Air cargo traffic on international lanes rose 12.2% compared with 2023, according to data released today by IATA . Capacity, measured in available CTKs, rose 7.4% YoY and 9.6% YoY for international operations. Full-year yields averaged 1.6% lower than in 2023 but 39% higher than in 2019, IATA reported. “Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before,” IATA Director General Willie Walsh said in the report. 2024 traffic was boosted by strong e-commerce demand and constraints on ocean shipping, Walsh said. Also, airspace restrictions that limited capacity on some long-haul routes to Asia helped keep yields high, he said. Average yields were lower than the peaks seen in 2021 and 2022 but 39% higher than in 2019. IATA also highlighted that global trade in goods grew 3.6% YoY in 2024. [caption id="attachment_57148472" align="aligncenter" width="1315"] (Courtesy/IATA)[/caption] 2024 regional performance Carriers in the Asia-Pacific region saw the greatest YoY growth in traffic, while carriers in North America saw the least. By region YoY: Asia-Pacific carrier traffic grew 14.5% and capacity grew 11.3%; Middle Eastern carrier traffic grew 13% and capacity grew 5.5%; Latin American carrier traffic grew 12.6% and capacity grew 7.9%; European carrier traffic grew 11.2% and capacity grew 7.8%; African carrier traffic grew 8.5% and capacity grew 13.6%; and North American carrier traffic grew 6.6% and capacity grew 3.4%. December 2024 results December closed out the year with continued strong performance, seeing the 17th consecutive month of year-over-year growth, according to IATA. December’s air cargo traffic grew 6.1% YoY and traffic on international lanes rose 7% YoY. Capacity rose 3.7% YoY and 5.2% YoY for international operations. December cargo yields were 6.6% higher YoY and 53.4% higher than pre-pandemic in December 2019. The release highlighted these operating environment factors: December’s Purchasing Managers’ Index (PMI) for global manufacturing output was 49.2, and the PMI for new export orders was 48.2. A PMI below 50 indicates contraction. U.S. headline inflation, based on the Consumer Price Index, rose 0.2 percentage points to 2.9% in December. The inflation rate in the European Union increased 0.2 percentage points to 2.7%. China’s consumer inflation fell 0.1 percentage points to 0.1%, marking the fourth consecutive YoY decline, thus reinforcing concerns about an economic slowdown, IATA reported. [caption id="attachment_57148471" align="aligncenter" width="1315"] (Courtesy/IATA)[/caption] December 2024 regional performance Carriers in Latin America saw the greatest YoY growth in traffic in December 2024, while carriers in Africa saw reduced traffic. By region YoY: Latin American carrier traffic grew 10.9% and capacity grew 8.4%; Asia-Pacific carrier traffic grew 8.4% and capacity grew 6.3%; North American carrier traffic grew 5.3% and capacity grew 2.1%; European carrier traffic grew 5.1% and capacity grew 3.7%; Middle Eastern carrier traffic grew 3.3% and capacity grew 0.2%; and African carrier traffic fell 0.9% and capacity grew 1.8%. Airlines flying international routes continued to benefit in December 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-Asia grew 11% YoY, its 14th consecutive month of growth; Europe-Asia grew 10.3% YoY, its 22nd consecutive month of growth; Asia-North America grew 8% YoY, its 14th consecutive month of growth; Middle East-Asia grew 7.6% YoY, its 19th consecutive month of growth; Middle East-Europe grew 6.1% YoY, its 17th consecutive month of growth; North America-Europe grew 3.4% YoY, its 14th consecutive month of growth; and Africa-Asia fell 4% YoY, ending a fifteen-month streak of consecutive growth. Looking ahead IATA estimates a 5.8% YoY growth in traffic in 2025. “Economic fundamentals point to another good year for air cargo — with oil prices on a downward trajectory and trade continuing to grow,” Walsh said. Still, he warned that air cargo traffic could be challenged by inflation, geopolitical uncertainties and trade tensions. “The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo — boosting inflation and deflating trade,” Walsh said. 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.

Air cargo traffic spikes 11.3% in 2024 with record volumes

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