Air cargo traffic up 9% in September

September was the 14th consecutive month in which air cargo traffic grew year over year. September’s air cargo traffic, measured in cargo tonne kilometers (CTK), grew 9.4% YoY, ending a nine-month streak of double-digit growth. Air cargo traffic on international lanes rose 10.5% compared with September 2023, according to data released today by IATA . [caption id="attachment_56868292" align="aligncenter" width="1495"] Latin America saw the largest YoY air cargo traffic growth in September. LATAM is one of the largest operators of 767 freighters. (Courtesy/LATAM Cargo)[/caption] Capacity, measured in available CTKs, increased 6.4% YoY and 8.1% YoY for international operations. IATA attributed most of this capacity growth to increased international belly capacity, which rose 10.3% YoY. International belly capacity has grown YoY by double digits for forty-one consecutive months. Air cargo yields are up 11.7% YoY and 50% from 2019 levels, according to IATA. IATA expects “a strong finish” to the year, IATA Director General Willie Walsh said in today’s release. To determine longer-term trends, IATA will closely follow the outcome of the U.S. presidential election, which will indicate how U.S. trade policy may change, he said. Inflation eases in US, EU The release highlighted these operating environment factors: Industrial production rose 1.6% YoY in September, while global goods trade increased 2.8% YoY for a sixth consecutive month of growth. Monthly trade grew 1.4%, its highest growth in seven months. The Purchasing Managers’ Index (PMI) for global manufacturing output and the PMI for new export orders were 49.4 and 47.5, respectively. A PMI below 50 indicates contraction. U.S. headline inflation, based on the annual Consumer Price Index, declined by 0.2 percentage points to 2.4% in September, marking the seventh straight month of easing inflation. In the same month, the inflation rate in the European Union fell by 0.3 percentage points to 2.1%. The EU’s inflation rate began to decline in January 2023. China’s consumer inflation remained low at 0.4% in September amid concerns of an economic slowdown, according to IATA. [caption id="attachment_57146433" align="aligncenter" width="1322"] (Courtesy/IATA)[/caption] Regional performance Carriers across all regions saw year-over-year growth in traffic and capacity in September. Latin America saw the largest growth in air cargo traffic while Africa saw the least. By region: Latin American carrier traffic grew 20.9% and capacity grew 7.9%; Asia-Pacific carrier traffic grew 11.7% and capacity grew 8.5%; European carrier traffic grew 11.7% and capacity grew 7.5%; Middle Eastern carrier traffic grew 10.1% and capacity grew 2.9%; North American carrier traffic grew 3.8% and capacity grew 4.2%; and African carrier traffic grew 1.7% and capacity grew 13.9%. Airlines are benefiting from rising cross-border e-commerce demand in the United States and Europe, especially as ocean capacity remains limited, according to IATA. By trade lane: Intra-Europe grew 18% YoY, its 10th consecutive month of growth; Middle East-Europe grew 15.6% YoY, its 14th consecutive month of growth; Middle East-Asia grew 13.9% YoY, its 16th consecutive month of growth; Intra-Asia grew 13.4% YoY, its 11th consecutive month of growth; Europe-Asia grew 11.8% YoY, its 19th consecutive month of growth; Asia-North America grew 7.6% YoY, its 11th consecutive month of growth; Africa-Asia grew 6.7% YoY, its 13th consecutive month of growth; and North America-Europe grew 3.8% YoY, its 11th consecutive month of growth.

Air cargo traffic up 9% in September

Latin America saw most growth at 20.9%; Africa saw least at 1.7%

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