The International Air Transport Association (IATA) has reported an 8.2% increase in global air cargo demand for November 2024 compared to the same month in 2023.
This growth, spanning 16 months, was measured by cargo tonne-kilometers (CTKs), with international operations seeing a 9.5% rise.
Go deeper with GlobalData
Capacity also saw an increase, with available cargo tonne-kilometers (ACTKs) growing by 4.6% year-on-year, and 6.5% for international operations.
Industrial production and global goods trade have both shown positive trends, with industrial production rising by 2.1% in October and global goods trade increasing by 1.6% increase for the seventh consecutive month.
The Purchasing Managers Index (PMI) for global manufacturing output remained above 50 in November, indicating continued growth. However, the PMI for new export orders stayed below 50, hinting at persistent global trade uncertainties. IATA quoted S&P Global measures of PMI in its market analysis.
Inflation rates varied across major economies in November, with US headline inflation edging up to 2.7%, the EU experienced a slight increase to 2.5%, and China’s consumer inflation dropping to 0.2%, raising concerns of an economic slowdown, according to IATA’s analysis of the global market situation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIATA director general Willie Walsh said: “All things considered we are looking to close out 2024 air cargo performance on a profitable note.
“While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions.”
Regionally, Asia-Pacific airlines led with a 13.2% year-on-year surge in air cargo demand growth, the highest among all regions, coupled with a 9.4% increase in capacity.
North American carriers reported a 6.9% rise in demand and a 2.2% capacity growth. European airlines saw a 5.6% demand growth with a 4.3% capacity rise. The Middle East experienced a modest 3.6% demand increase, despite a 0.6% dip in capacity.
Latin American carriers achieved an 11.6% demand boost and a 6.4% capacity hike. In contrast, African airlines faced a 0.7% drop in demand, the only region to do so, with a marginal 0.4% capacity increase.
The international air cargo sector has benefited from e-commerce demand in the US and Europe, as well as persistent capacity constraints in ocean shipping, leading to a 9.5% year-on-year traffic growth in international routes during November.
