Global Air Cargo Demand Surges in February 2024: According to the International Air Transport Association (IATA), global air cargo demand continued its robust growth for the third consecutive month in February 2024. Cargo tonne-kilometers (CTKs) increased by 11.9% compared to February 2023, with international operations seeing an even higher growth rate of 12.4%. Capacity, measured in available cargo tonne-kilometers (ACTKs), also rose by 13.4% year-on-year, primarily driven by increased international belly capacity due to the recovery in passenger markets.
Regional Performance and Influencing Factors: Asia-Pacific airlines experienced a growth deceleration in demand from January’s 24.3% to 11.9% year-on-year in February. European carriers witnessed a remarkable 14.6% year-on-year growth, with intra-European air cargo performing exceptionally well at 24.5% year-on-year. Middle Eastern carriers saw substantial growth in the Middle East–Europe market at 39.3% year-on-year, while African airlines led with a staggering 22.0% year-on-year demand growth. Latin American carriers reported a 13.7% year-on-year growth, and North American carriers reported the weakest demand growth at 4.2% year-on-year, requiring further analysis.
Economic and Trade Indicators: The report highlighted a modest 0.9% expansion in global cross-border trade in January and signs of manufacturing output expansion as indicated by the Purchasing Managers’ Index (PMI). Willie Walsh, IATA’s Director General, commented on the strong start for 2024, suggesting the potential for demand to surpass the high levels of early 2022, showcasing air cargo’s resilience amid ongoing political and economic uncertainties.
Source: Logistics Insider