GLOBAL air cargo demand increased again in November 2024, according to the latest monthly stats from the International Air Transport Association.
It marks the 16th consecutive month of growth, with demand rising 8.2% compared with November 2023 levels.
Capacity increased by 4.6% compared with November 2023.
“It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity,” IATA director general Willie Walsh said.
“Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%,” he said.
“All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions.”
Asia-Pacific airlines saw 13.2% year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4% year-on-year.
North American carriers saw 6.9% year-on-year demand growth for air cargo in November. Capacity increased by 2.2% year-on-year.
European carriers saw 5.6% year-on-year demand growth for air cargo in November. Capacity increased 4.3% year-on-year.
Middle Eastern carriers saw 3.6% year-on-year demand growth for air cargo in November. Capacity decreased by 0.6% year-on-year.
Latin American carriers saw 11.6% year-on-year demand growth for air cargo in November. Capacity increased 6.4% year-on-year.
African airlines saw a 0.7% year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4% year-on-year.
And commenting on trade lane growth, IATA said international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November.
The association said airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
