The prospects for continued strong demand are even more robust
The International Air Transport Association (IATA) released data for April 2024 global air cargo markets showing strong annual growth in demand into the second quarter (Q2).
Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.1% compared to April 2023 levels (11.6% for international operations). This is the fifth consecutive month of double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.1% compared to April 2023 (10.2% for international operations).
“Air cargo demand started Q2-2024 with a solid 11.1% increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust,” explained Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
In April, the PMIs for global manufacturing output and new export orders turned positive (51.5 and 50.5 respectively). This is the first time in two years that the new export orders PMI has been in growth territory.
Industrial production increased by 1.6% in March year-on-year, while global cross-border trade contracted by 0.8%.
Inflation remained relatively stable across the US, EU, and Japan in April with rates at 3.4%, 2.6%, and 2.5%, respectively. China reported a 0.2% increase in consumer prices year-on-year—a positive signal amid concerns over China’s economic slowdown.
April Regional Performance
Middle Eastern carriers saw 9.4% year-on-year demand growth for air cargo in April. The Middle East–Europe market performed particularly well with 30.1% annual growth, ahead of Middle East-Asia which grew by 10.4% year-on-year. April capacity increased 5.7% year-on-year.
