THE INTERNATIONAL Air Transport Association has reported a record year for global air cargo demand, with 2024 performance boosted by capacity limits in shipping.
IATA’s latest statistics cover December 2024 and the full calendar year.
Full-year demand for 2024, measured in cargo tonne-kilometres, increased 11.3% (12.2% for international operations) compared to 2023. Full-year 2024 demand exceeded the record volumes set in 2021.
Full-year capacity in 2024, measured in available cargo tonne-kilometres, increased by 7.4% compared to 2023 (9.6% for international operations).
IATA said December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7% for international operations) and Global capacity was 3.7% above December 2023 levels (5.2% for international operations).
“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before,” IATA director general Willie Walsh said.
“Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions,” he said.
“This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022, they averaged 39% higher than 2019,”
Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance.
“Economic fundamentals point to another good year for air cargo – with oil prices on a downward trajectory and trade continuing to grow,” Mr Walsh said.
“There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. 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.”
Asia-Pacific airlines saw 14.5% year-on-year demand growth for air cargo in 2024, which was the strongest among the regions. Capacity increased by 11.3% year-on-year. December year-on-year demand increased 8.4% and capacity increased 6.3%.
North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased 5.3% and capacity increased 2.1%.
European carriers saw 11.2% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8% year-on-year. December year-on-year demand increased 5.1% and capacity increased 3.7%.
Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased 3.3% and capacity increased 0.2%.
Latin American carriers saw 12.6% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9% year-on-year. December year-on-year demand increased 10.9%, the highest of all regions and capacity increased 8.4%.
African airlines saw 8.5% year-on-year demand growth for air cargo in 2024. Capacity increased by 13.6% year-on-year. December year-on-year demand decreased by -0.9%, the lowest of all regions and capacity increased 1.8%.
Commenting on trade lane growth, IATA said international routes experienced exceptional traffic levels for the 17th consecutive month with a 7% year-on-year increase in December.
Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping, the association said.