The air cargo industry is off to a strong start in 2024, with demand growing 11.9% in February compared to the same month last year. This is the third consecutive month of double-digit growth.
Here are some key takeaways from the IATA report for February 2024:
- Demand growth is outpacing global trade growth, potentially exceeding pre-pandemic highs.
- Belly cargo capacity from passenger flights is a major contributor to the growth, with freighter capacity increasing only slightly.
- Africa and the Middle East saw the strongest demand growth, while North America lagged behind.
It’s important to note that a few factors might influence this growth:
- Slowing economic indicators such as the new export orders PMI remaining below the growth threshold.
- Inflation rising in some regions.
Overall, the report highlights the air cargo industry’s resilience despite economic uncertainties.