Air cargo traffic up 11% in August

August was the ninth consecutive month in which air cargo traffic grew year over year by double digits. Traffic, measured in cargo tonne kilometers (CTK), rose 11.4% YoY in August and 12.4% YoY for international operations, according to the most recent data from IATA . Overall traffic has reached levels not seen since the record peaks of 2021, according to IATA. [caption id="attachment_57145990" align="aligncenter" width="1920"] The Asia-Pacific region saw the most traffic growth in August, up 14.6% year over year. Above are freighters at the world's top cargo airport, Hong Kong International Airport (HKG). (Photo/Cargo Facts)[/caption] Capacity, measured in available CTKs, grew 6.2% YoY and 8.2% YoY for international operations. IATA attributes this to growth in international belly capacity, which rose 10.9% YoY in August. Industrywide capacity has reached an all-time high, according to IATA. “The sector recorded a second consecutive month of record-high demand year-to-date,” IATA Director General Willie Walsh said in the Oct. 3 release. “Even with record levels of capacity, yields are up 11.7% on 2023, 2% on the previous month and 46% above pre-pandemic levels.” PMIs show contraction The release highlighted the following operating environment factors: Industrial production stayed level in August month-over-month, and global cross-border trade fell 0.3% MoM. August’s Purchasing Managers’ Index (PMI) for global manufacturing output and for new export orders were 49.9 and 48.4, respectively. A PMI below 50 indicates contraction. In August, inflation rates in the United States and European Union fell to 2.6% and 2.4%, respectively, the lowest since 2021. Japan’s inflation rose 0.3 percentage points to 3%, its highest rate in 10 months. China’s inflation rate grew 0.1 percentage points to reach 0.7%, its highest rate in six months. August’s strong performance was supported by steady growth in global trade, booming e-commerce and capacity constraints on maritime shipping, Walsh said. [caption id="attachment_57145984" align="aligncenter" width="1319"] (Courtesy/IATA)[/caption] Asia Pacific Asia-Pacific airlines saw traffic grow 14.6% YoY, the strongest growth among all regions for the second consecutive month. Traffic grew: 21.2% YoY on the Asia-Africa trade lane; 18.4% YoY on the Asia-Europe trade lane; and 16.1% YoY on the within-Asia trade lane. Within-Asia, traffic fell 5 percentage points from the previous month, partially due to social unrest in Bangladesh and Typhoon Shanshan in Japan, according to IATA. Bangladesh and Japan experienced airport closures and flight cancellations. Capacity in August increased 8.6% YoY. North America North American carriers saw traffic rise 4.8% YoY, the lowest of all regions. Traffic on the Asia-North America trade lane, the largest by volume, grew 9.3% YoY. Traffic on the North America-Europe trade lane rose 6.1% YoY. Capacity grew 2.4% YoY. Europe European carriers saw traffic grow 13.5% YoY. Traffic on the Middle East-Europe trade lane led the growth, up 28.9% YoY, maintaining double-digit annual growth each month since September 2023. The within-Europe trade lane also saw double-digit growth, up 15% YoY. Capacity grew 9.4% YoY. Middle East Middle Eastern carriers saw traffic grow 13.5% YoY. Capacity increased 4% YoY. Latin America Latin American carriers saw traffic grow 14.2% YoY, and capacity was up 8% YoY. Africa African airlines saw traffic grow 7.5% YoY. The Africa-Asia trade lane maintained the double-digit YoY growth it has seen each month since August 2023. African capacity increased 11.4% YoY. The 30th Cargo Facts Symposium will take place Oct. 14-16 at the Omni Hotel in San Diego. Gain valuable insights, success strategies and networking opportunities at this special anniversary event. Learn more and <a style="color: #0000ff;" href="https://cargofactsevents.com/product/cargo-facts-symposium-registration/?utm_campaign=CFS%202024&utm_source=Editorial%20-%20Footer&utm_medium=Editorial%20-%20Footer&utm_term=Editorial%20-%20Footer&utm_content=Editorial%20-%20Footer&__hstc=75154765.904b71bee21c99d4eb26c4f563837fe7.1722015266031.1728398870369.1728403101676.41&__hssc=75154765.13.1728403101676&__hsfp=1896627464" target="_blank" rel="noopener"> register today .

Air cargo traffic up 11% in August

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