Global air cargo demand continued its upward trend in November 2024, marking the 16th consecutive month of growth, according to the International Air Transport Association (IATA). Cargo tonne-kilometers (CTK), the standard measure of demand, rose by 8.2% compared to November 2023, with international CTK growth even higher at 9.5%. Meanwhile, capacity increased by 4.6%, falling short of demand growth, which pushed the global cargo load factor to 49.0%.
Asia-Pacific airlines led the charge with a 13.2% increase in demand, driven by strong intra-Asia and Asia-North America trade lanes. Latin American carriers also posted double-digit growth, while North America and Europe recorded more moderate gains of 6.9% and 5.6%, respectively. However, the Middle East saw slower demand growth at 3.6%, and Africa experienced a marginal decline of 0.7%, despite slight capacity increases in both regions. Trade lanes such as Asia-North America and Europe-Asia continued to thrive, supported by robust e-commerce demand and ocean shipping constraints.
IATA’s Director General, Willie Walsh, highlighted a favorable operating environment for air cargo, with lower fuel costs and yield growth of 7.8%. However, he cautioned against potential risks, including inflation, geopolitical tensions, and trade uncertainties, that could impact future performance. With the sector set to close 2024 on a strong note, the focus now shifts to maintaining momentum into 2025 amidst a complex economic landscape.