Global air cargo markets continued their strong performance in March 2024, recording the fourth consecutive month of double-digit year-on-year growth, as per data released by the International Air Transport Association (IATA). Total demand, measured in cargo tonne-kilometers (CTKs), rose by 10.3 per cent compared to March 2023, with international operations seeing an increase of 11.4 per cent.
Similarly, capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3 per cent, indicating a robust recovery and growth trajectory surpassing pre-pandemic levels.
“Air cargo demand grew by 10.3 per cent over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo,” said Willie Walsh, IATA’s director general.
The operational environment has seen several positive indicators, including a 1.2 per cent increase in global cross-border trade and a 1.6 per cent rise in industrial production as of February. Additionally, the manufacturing output Purchasing Managers’ Index (PMI) for March climbed to 51.9, indicating an expansion in manufacturing activity, although the new export orders PMI remained just below the growth threshold at 49.5, IATA said in a press release.
Inflation rates varied across major economies, with the EU and Japan experiencing reductions to 2.6 per cent and 2.7 per cent respectively, while the US saw an increase to 3.5 per cent. In contrast, China experienced a slight deflation of -0.01 per cent, returning to deflation after a brief period of inflation in February.
Regionally, the performance varied with Asia-Pacific airlines leading with a 14.3 per cent increase in demand. However, North American carriers reported the weakest growth, at just 0.9 per cent year-on-year. European carriers reported a 10.0 per cent increase in demand, with significant growth on intra-European and Europe-Middle East routes. Middle Eastern carriers topped the regional performance with a 19.9 per cent increase in demand, particularly strong between the Middle East and Europe. Latin American and African carriers also saw noticeable growth, with Latin American carriers experiencing a 9.2 per cent increase and African carriers a 14.2 per cent increase in demand.
