The International Air Transport Association (IATA) latest data show that global air cargo markets are continuing to boom.
June’s figures have contributed to what IATA has described as “an exceptional first half-year performance for air cargo”, with airfreight volumes exceeding those of last year, of 2022, and even of record-breaking 2021 levels.
Global demand, as measured in cargo tonne kilometres, rose year on year in June by 14.1%. June represented the seventh consecutive month of double-digit year-on-year growth in airfreight traffic.
June’s airfreight capacity figure, as measured in available cargo tonne kilometres, increased by 8.8% compared to the same month of 2023 and the cargo load factor improved by 2.1 percentage points to 45.8%.
Total half-year (H1) demand increased by 13.4% compared to the first half of 2023, by 4.3% compared to H1 2022, and by 0.02% compared to H1 2021.
Willie Walsh, IATA’s director general, declared: “Air cargo demand surged in June. Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance.
“Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers.”
“Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China.”
Walsh added positively: “Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024.”
IATA did, however, highlight a few factors in the operating environment that could potentially be of concern.
The first was that, in June, while the Purchasing Managers Index (PMI) for global manufacturing output indicated expansion (52.3), the new export orders PMI registered a small contraction, falling below the critical 50-point benchmark to 49.3.
Global cross-border trade rose by 0.1% month on month in May, but industrial production was flat compared to the previous month.
There was a mixed picture in terms of inflation in June. In the EU and Japan, inflation rates stayed roughly constant compared to the previous month at 2.6% and 2.8% respectively, while dropping in the US to 3%.
However, China’s inflation rate remained near zero (0.3%) reflecting weak domestic demand amid high unemployment, slow income growth and a crisis in the real estate sector, a trend that has persisted since 2023, IATA said.
Regional performance
Asia Pacific airlines enjoyed 17% year-on-year demand growth for air cargo in June, the strongest of all the geographical regions into which IATA divides the world. Meanwhile, capacity on the region’s carriers increased by 10.7% year on year.
Conversely, North American carriers saw 9.5% year-on-year demand growth, the weakest of all the regions. Capacity increased by 6% year on year.
European airlines benefited from a 16.1% year-on-year increase in demand for air cargo in June. June’s capacity figure for Europe was up by 9.1% year on year.
Middle Eastern carriers saw 13.8% year-on-year demand growth for air cargo in June. Capacity increased by 6.9% year on year.
Latin America’s carriers enjoyed a 13.1% year-on-year growth in demand for air cargo in June. Capacity increased by 15.5% year on year.
Finally, African airlines saw 11.8% year-on-year demand growth in June. Capacity increased by 23.8% year on year.
IATA: Air cargo volumes increase over 14% in May
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