Strong air cargo demand growth continues in July 2024, says IATA

The International Air Transport Association (IATA) reported significant growth in global air cargo demand in July 2024, marking the eighth consecutive month of double-digit year-on-year growth. Total demand, measured in cargo tonne-kilometres (CTKs), increased by 13.6% compared to July 2023, with international operations rising by 14.3%. Capacity also grew by 8.3%, driven by an increase in international belly capacity and freighter operations.

Willie Walsh, IATA’s Director General, highlighted that the air cargo sector continues to thrive, benefiting from global trade growth, e-commerce expansion, and limited maritime shipping capacity. Despite economic and political uncertainties, airlines have effectively adapted to meet emerging demand.

Regional Performance Highlights:

• Asia-Pacific: Saw the strongest demand growth at 17%, with the Within-Asia trade lane up 19.8%.
• North America: Experienced 8.7% growth, affected by Hurricane Beryl’s impact on flight operations.
• Europe: Recorded a 13.7% increase, led by the Middle East-Europe trade lane’s 32.2% growth.
• Middle East: Achieved 14.7% growth, with significant performance on the Middle East-Europe route.
• Latin America: Posted an 11.1% increase, also impacted by Hurricane Beryl.
• Africa: Had the lowest growth at 6.2%, with demand on the Africa-Asia market up by 15.4%.

Overall, the air cargo market is experiencing robust growth, supported by strong global trade dynamics and increasing capacity.