Air cargo demand hits 14th consecutive month of growth

THE INTERNATIONAL Air Transport Association has reported another increase in air cargo demand, marking the 14^th consecutive month of growth.

The latest monthly statistics from IATA, for September 2024, show demand rose by 9.4% and capacity by 6.4%, compared with the same month last year.

The increase in capacity continued to be largely related to the growth in international belly capacity, which rose 10.3%, extending the trend of double-digit annual capacity growth to 41 consecutive months.

IATA director general Willie Walsh said September performance brought continued good news for air cargo markets.

“With 9.4% year-on-year growth, cargo volumes continued to mark all-time highs for demand,” he said.

“Yields are also improving, up 11.7% on 2023 and 50% above 2019 levels. All this points to a strong finish for this year.

“For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how US trade policy will evolve.”

IATA highlighted several factors in the operating environment, including a year-on-year rise in industrial production (up 1.6%) while global goods trade increased 2.8% for a sixth consecutive month of growth. Monthly trade grew by 1.4%, the highest in seven months.

Asia-Pacific airlines saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased by 8.5% year-on-year.

North American carriers saw 3.8% year-on-year demand growth for air cargo in September. Capacity increased by 4.2% year-on-year.

European carriers saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased 7.5% year-on-year.

Middle Eastern carriers saw 10.1% year-on-year demand growth for air cargo in September. Capacity increased 2.9% year-on-year.

Latin American carriers saw 20.9% year-on-year demand growth for air cargo in September, the strongest growth among the regions. Capacity increased 7.9% year-on-year.

African airlines saw 1.7% year-on-year demand growth for air cargo in September, the slowest among regions. September capacity increased by 13.9% year-on-year. 

IATA noted that international routes experienced exceptional traffic levels for a fifth month, with a 10.5% year-on-year increase in September.

Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping, the association said.