Total global air cargo demand, measured in cargo tonne-kilometers (CTK), rose by 8.2 per cent year on year (YoY) in November last year—a sixteenth consecutive month of growth, according to the International Air Transport Association (IATA). The growth was 9.5 per cent YoY for international operations.
Capacity, measured in available CTK, increased by 4.6 per cent YoY in the month; the growth was 6.5 per cent YoY for international operations.
“Fuel costs tracked at 22 per cent below previous-year levels and tight market conditions supported yield growth at 7.8 per cent. All things considered we are looking to close out 2024 air cargo performance on a profitable note,” said IATA director general Willie Walsh in a release.
“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,” he noted.
Asia-Pacific airlines saw 13.2-per cent YoY demand growth for air cargo in November—the strongest growth among the regions. Capacity increased by 9.4 per cent YoY.
North American carriers saw 6.9-per cent YoY demand growth in November, while their capacity increased by 2.2 per cent YoY. European carriers saw 5.6-per cent YoY demand growth, while their capacity rose by 4.3 per cent YoY.
Middle Eastern carriers saw 3.6-per cent YoY growth in the month, while their capacity decreased by 0.6 per cent YoY.
Latin American carriers saw 11.6-per cent YoY demand growth for air cargo in the month, while their capacity increased by 6.4 per cent YoY.
African airlines saw a 0.7-per cent YoY fall in demand in November, the slowest among regions. Their capacity increased by 0.4 per cent YoY.