Full year demand for air cargo in 2024 increased 11.3% and international operations by 12.2%, compared to 2023, according to the International Air Transport Association (IATA). Full year demand also exceeded the record volumes set in 2021.
Capacity was up 7.4% in the full year and international operation capacity was up 9.6%. Full year yields were 1.6% lower than 2023, however yields were 39% higher than 2019 levels.
December marked a strong close to the year, with demand 6.1% above December 2023, as well as international operations demand up 7%. Global capacity was up 3.7%, while international operations capacity was up 5.2% in December. Cargo yields were 6.6% higher than December 2023 and 53.4% above December 2019.
“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before,” said IATA director general Willie Walsh. “Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39% higher than 2019.”
IATA estimates growth to moderate to around 5.8% in 2025. With oil prices going down and trade continuing to grow, 2025 is set to be another good year for air cargo. However, “geopolitical shifts” such as the new Trump administration and his tariff policy may prove a headwind for the year ahead.