The International Air Transport Association (IATA) has released its data for November 2024, revealing a notable 8.2% year-on-year increase in global air cargo demand, measured in cargo tonne-kilometers (CTK).
This marks the 16th consecutive month of growth, with international operations experiencing an even stronger rise of 9.5%.
Cargo capacity, measured in available cargo tonne-kilometers (ACTK), also grew by 4.6% compared to November 2023, with international operations leading the way with a 6.5% increase.
IATA reports several economic and industry dynamics have supported this continued expansion, including global industrial production which rose by 2.1% in October, while goods trade expanded for the seventh month in a row, achieving a 1.6% increase. Furthermore the Purchasing Managers Index (PMI) for global manufacturing output remained above the critical 50-mark in November, signaling ongoing growth.
Willie Walsh, IATA’s director general, said: “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%.
“All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions.”
Regional performance
In November 2024, Asia-Pacific airlines led the global air cargo market with a robust 13.2% year-on-year increase in demand, marking the strongest growth among all regions. Capacity in the region also rose significantly by 9.4%, reflecting strong market momentum. Latin American carriers also posted impressive figures, with demand growing by 11.6% year-on-year and capacity increasing by 6.4%.
North American and European carriers saw steady growth during the same period. North American airlines recorded a 6.9% rise in demand, supported by a modest 2.2% increase in capacity. European carriers reported a 5.6% uptick in demand, accompanied by a 4.3% rise in capacity.
Meanwhile, the Middle East experienced a slower pace of growth, with demand increasing by 3.6% year-on-year, though capacity declined slightly by 0.6%. In contrast, African airlines reported the only contraction in demand, which fell by 0.7%, even as capacity edged up by 0.4%.
In terms of trade lane growth, international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November. IATA reports that airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
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