Wednesday, August 28, 2024 The International Air Transport Association (IATA) has published data for July 2024, revealing sustained and robust growth in global air cargo demand. “Air cargo demand hit record highs year-to-date in July with strong growth across all regions. The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping.
With the peak season still to come, it is shaping to be a very strong year for air cargo. And airlines have proven adept at navigating political and economic uncertainties to flexibly meet emerging demand trends,” said Willie Walsh, IATA’s Director General . Several key factors in the operating environment are worth noting: Detailed Analysis of the Air Cargo Market – July 2024 Region World Share (%) CTK (Year-on-Year) ACTK (Year-on-Year) CLF (%-pt) CLF (Level) Total Market 100% 13.
6% 8.3% 2.1% 44.
4% Africa 2.0% 6.2% 10.
5% -1.6% 40.0% Asia Pacific 33.
3% 17.6% 11.3% 2.
6% 48.0% Europe 21.4% 13.
7% 7.6% 2.7% 49.
6% Latin America 2.8% 11.1% 9.
4% 0.5% 33.8% Middle East 13.
5% 14.7% 4.4% 4.
1% 45.8% North America 26.9% 8.
7% 7.0% 0.6% 38.
2% 1% of industry CTKs in 2023. Asia-Pacific Airlines: Asia-Pacific airlines experienced the highest year-on-year demand growth for air cargo in July 2024, with an impressive 17.6% increase.
Demand on the Within-Asia trade lane surged by 19.8%, while other key routes, including Europe-Asia, Middle East-Asia, and Asia-Africa, saw gains of 17.9%, 15.
9%, and 15.4%, respectively. Capacity in the region also rose by 11.
3% compared to the previous year. North American Carriers: North American carriers posted an 8.7% year-on-year demand growth for air cargo in July.
However, growth was partly constrained by flight cancellations and airport closures in the US and the Caribbean due to Hurricane Beryl. The Asia-North America trade lane, the largest by volume, grew by 10.8% year-on-year, while the North America-Europe route saw a modest 5.
3% increase. Capacity in the region expanded by 7.0% year-on-year.
European Carriers: European carriers reported a 13.7% year-on-year increase in air cargo demand in July. The Middle East-Europe trade lane led this growth, soaring by 32.
2% and continuing a trend of double-digit annual increases that began in September 2023. The Europe-Asia route, the region’s second-largest market, grew by 17.9%, while the Within Europe market saw a 15.
5% rise. Capacity increased by 7.6% compared to July 2023.
Middle Eastern Carriers: Middle Eastern carriers achieved a 14.7% year-on-year demand growth for air cargo in July. The Middle East-Europe trade lane performed exceptionally well, with a 32.
2% increase, followed by the Middle East-Asia route, which grew by 15.9%. Capacity in the region rose by 4.
4% year-on-year. Latin American Carriers: Latin American carriers saw an 11.1% year-on-year growth in air cargo demand in July.
Similar to North American carriers, growth was impacted by flight cancellations and airport closures in the US and the Caribbean due to Hurricane Beryl. The region’s capacity grew by 9.4% compared to July 2023.
African Airlines: African airlines experienced the lowest year-on-year demand growth among all regions, with a 6.2% increase in July. This was also their lowest recorded figure in 2024.
Despite this, the Africa-Asia market recorded a 15.4% increase compared to July 2023. Capacity in the region rose by 10.
5% year-on-year..
