Global air cargo demand soars with strong growth in May 2024: IATA

Capacity, measured in available cargo tonne-kilometres (ACTKs), also saw a rise, increasing by 6.7 per cent compared to May 2023, and by 10.2 per cent for international operations.

Asia-Pacific airlines reported a 17.8 per cent YoY growth in demand for air cargo. The Africa-Asia trade lane performed exceptionally well, with demand growing by 40.6 per cent YoY. Other significant increases were seen in the Europe-Asia (20.4 per cent), Within Asia (19.2 per cent), and Middle East-Asia (18.6 per cent) trade lanes. Capacity in this region increased by 8.4 per cent YoY, as per IATA.

North American carriers saw an 8.7 per cent YoY growth in demand for air cargo, the weakest among all regions. Demand on the Asia-North America trade lane grew by 12.0 per cent YoY, while the North America-Europe route saw an increase of 8.9 per cent, marking the largest demand growth for this route since mid-2022. May capacity for North American carriers increased by 2.5 per cent YoY.

European carriers experienced a 17.2 per cent YoY growth in demand for air cargo. Intra-European air cargo rose by 25.6 per cent compared to May 2023, marking the fifth consecutive month of double-digit annual growth. Europe–Middle East routes saw demand increase by 33.8 per cent. May capacity for European carriers increased by 11.9 per cent YoY.

Middle Eastern carriers reported a 15.3 per cent YoY growth in demand for air cargo. The Middle East–Europe market performed particularly well, with 33.8 per cent annual growth, ahead of Middle East-Asia, which grew by 18.6 per cent YoY. May capacity for Middle Eastern carriers increased by 2.7 per cent YoY.

Latin American carriers saw a 12.7 per cent YoY growth in demand for air cargo, with capacity increasing by 8.0 per cent YoY. African airlines experienced the strongest demand growth of all regions, with an 18.4 per cent YoY increase in demand for air cargo. The Africa–Asia market stood out with a 40.6 per cent increase compared to May 2023, the highest performance among all trade lanes. Capacity for African airlines increased by 21.4 per cent YoY.

"Air cargo demand moved sharply upwards in May across all regions. The sector benefitted from trade growth, booming e-commerce and capacity constraints on maritime shipping. The outlook remains largely positive with purchasing managers showing expectations for future growth. Some dampening, however, could come as the US imposes stricter conditions on e-commerce deliveries from China,” said Willie Walsh, IATA director general.

Fibre2Fashion News Desk (DP)