IATA release April 2024 data for global air cargo markets

Global air cargo demand has shown strong year-on-year (YoY) growth in the first month of second quarter 2024, according to the International Air Transport Association (IATA). Its data highlights changes in demand for cargo in certain markets, alongside demand for specific routes. Total demand, measured in cargo tonne-kilometres (CTKs), rose by 11.1% compared to April 2023 levels (11.6% for international operations), the fifth consecutive month of double-digit YoY growth. Capacity, measured in available cargo tonne-kilometres (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,"" said Willie Walsh, IATA’s director general. ""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."" Asia-Pacific airlines saw 14% YoY demand growth for air cargo in April, while demand within the Asia market grew by 13.2% compared to April 2023, and the Asia-Europe route grew by 17.7%. The Middle East-Asia route rose by 10.4%, 9.5 percentage points (ppt) less than the growth recorded in March, while capacity increased by 7.8% YoY. European carriers saw 12.7% YoY demand growth for air cargo in April 2024. 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. Europe–Middle East routes saw demand increase by 30.1%, experiencing a drop of 8.5ppt compared to the previous month’s figure, while its April 2024 capacity increased 10.3% year-on-year. Growth was weakest amongst North American carriers, which saw 7% YoY demand growth for air cargo. Demand on the Asia-North America trade lane grew by 7.3% YoY, while the North America-Europe route saw an increase of 5.6%. April capacity increased by 4% YoY.