The International Air Transport Association (IATA) reported strong growth in air cargo demand for August 2024, marking the ninth consecutive month of double-digit increases. Global demand, measured in cargo tonne-kilometers (CTKs), rose by 11.4% year-on-year, with international operations up by 12.4%.
Capacity also saw a notable increase, with available cargo tonne-kilometers (ACTKs) rising by 6.2% overall and 8.2% internationally, largely driven by increased belly cargo capacity linked to passenger travel.
Despite global trade stagnation and a mixed inflation picture, the air cargo sector saw robust performance. Yields climbed 11.7% from 2023 and 46% above pre-pandemic levels. E-commerce growth and maritime shipping constraints contributed to the strong demand.
Regional performance varied, with Asia-Pacific leading at 14.6% demand growth, while North America saw the lowest at 4.8%. Europe, the Middle East, Latin America, and Africa all posted significant year-on-year demand increases, ranging from 7.5% to 14.2%.
Key factors affecting the market include stable industrial production, slight declines in global trade, and varying inflation trends across major economies.
