The latest data from IATA reveals robust annual growth in global air cargo markets, with March 2024 showing promising figures.
According to IATA’s report, total global demand measured in cargo tonne-kilometres (CTKs) surged by 10.3% compared to March 2023, marking the fourth consecutive month of double-digit year-on-year growth. International operations experienced an even stronger growth rate of 11.4%.
Willie Walsh, IATA Director General, highlighted the significance of this growth, stating that it contributed to a strong first-quarter performance, surpassing even the exceptional performance seen in the first quarter of 2021 during the Covid crisis.
He expressed optimism for 2024, noting the moderate upward trend in global cross-border trade and industrial production.
Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 7.3% compared to March 2023, with international operations seeing a 10.5% rise.
Regionally, Asia-Pacific airlines led the growth with a 14.3% year-on-year increase in air cargo demand for March.
North American carriers experienced a more modest 0.9% growth, European carriers recorded a solid 10.0% growth, while Middle Eastern carriers saw demand surge by 19.9%. Latin American airlines reported a 9.2% growth, and African airlines witnessed a notable 14.2% rise in cargo demand.
The report also highlighted positive indicators for global trade and industrial production, with both seeing moderate growth in February.
Additionally, manufacturing output and new export orders showed expansion in March, although the latter remained slightly below the growth threshold.
Inflation trends varied globally in March, with rates falling in the EU and Japan, rising in the US, and China experiencing a slight deflation after a brief period of inflation in February.
With IATA representing around 320 airlines, accounting for 83% of global air traffic, the breakdown of cargo traffic market share by region is as follows: Asia-Pacific 33.3%, Europe 21.4%, North America 26.9%, Middle East 13.5%, Latin America 2.8%, and Africa 2.0%.
