This is the fifth consecutive month of double-digit year-on-year growth
The International Air Transport Association (IATA) recently released data for April 2024 global air cargo markets showing strong annual growth in demand into the second quarter (Q2-2024), according to an official press communique.
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 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,” stated Willie Walsh, IATA’s Director General.
April Regional Performance
The Middle East-Asia route rose by 10.4%, 9.5 percentage points (ppt) less than the growth recorded in March. Capacity increased by 7.8% year-on-year.
North American carriers saw 7.0% year-on-year demand growth for air cargo in April —the weakest among all regions. Demand on the Asia-North America trade lane grew by 7.3% year-on-year, while the North America-Europe route saw an increase of 5.6%, marking the largest demand growth for this route since September 2022. April capacity increased by 4.0% year-on-year.
European carriers saw 12.7% year-on-year demand growth for air cargo in April. Intra-European air cargo rose by 34.4% compared to April 2023, reflecting the highest annual growth in over a decade and a jump of 8.1ppt compared to the month before.
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.
Latin American carriers saw 11.7% year-on-year demand growth for air cargo in April. Capacity increased 9.8% year-on-year.
African airlines saw 10.6% year-on-year demand growth for air cargo in April. Demand on the Africa–Asia market increased by 25.8% compared to April 2023. April capacity increased by 18.7% year-on-year.
