The International Air Transport Association (IATA) has reported a 9.8% year-on-year increase in global air cargo demand for October 2024, marking the 15th consecutive month of growth.
Capacity rose by 5.9%, driven by an 8.5% increase in international belly capacity and a 5.6% uptick in dedicated freighter capacity.
Willie Walsh, IATA’s director general, said: “Air cargo markets continued their strong performance in October, with demand rising 9.8% year-on-year and capacity up 5.9%. Global air cargo yields (including surcharges) continue to rise, up 10.6% on 2023 and 49% on 2019 levels.
“While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution. The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners – Canada, China and Mexico – has the potential to upend global supply chains and undermine consumer confidence.
“The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds.”
IATA reports that global trade and industrial production both grew in September, while manufacturing activity rebounded in October. However, uncertainty remains as inflation trends vary across key regions, including the U.S., EU, and China.
Regional performance
In October, air cargo demand grew across all regions, with Latin American carriers leading at 18.5% year-on-year growth, followed by Asia-Pacific at 13.4%, and North America at 9.5%.
European carriers recorded a 7.6% increase, Middle Eastern carriers 4.5%, and African airlines saw the slowest growth at 1.6%.
Capacity expanded in all regions, ranging from 0.8% in the Middle East to 9.3% in Asia-Pacific.
In terms of trade lane growth, international routes continued to thrive, posting a 10.3% year-on-year increase, driven by strong e-commerce demand in the US and Europe. Airlines benefited from ongoing ocean shipping capacity constraints, marking the fifth consecutive month of high traffic levels on these routes.
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