IATA Reports Record Growth in Air Cargo Demand for November
The International Air Transport Association (IATA) released its air cargo demand report for November 2024, showing sustained growth throughout a 16-month period.
Total demand in cargo tonne-kilometers (CTK) was up by 8.2% compared to November 2023 levels for a 16th consecutive month of growth.
Likewise, capacity in terms of available cargo tonne-kilometers (ACTK) rose by 4.6% compared to November 2023.
It should also be noted that international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
IATA Director-General Willie Walsh commented: “It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. While a strong performance is likely to extend into 2025, there are risks that must be carefully monitored including inflation, geopolitical uncertainties, and trade tensions.”
Factors Considered for the November 2024 Report
- Year-on-year, industrial production rose 2.1% in October. Global goods trade grew for a seventh consecutive month, reporting a 1.6% increase.
- The Purchasing Managers Index for global manufacturing output remained above 50, indicating growth, although the PMI for new export orders was below 50, suggesting ongoing uncertainty in global trade.
- In the US, headline inflation rose by 0.1 percentage points to 2.7% in November; in the EU, it increased by 0.2 percentage points to 2.5%. China’s consumer inflation fell to 0.2%, fueling concerns of an economic slowdown.
Regional Performance in November 2024
- Asia-Pacific airlines: 13.2% year-on-year demand growth.
- North American carriers: 6.9% demand growth.
- European carriers: 5.6% demand growth.
- Middle Eastern carriers: 3.6% demand growth.
- Latin American carriers: 11.6% demand growth.
- African airlines experienced a 0.7% decrease in demand, the slowest among regions.
