Global air cargo markets are showing strong annual growth in demand, as shown by the latest data released by Iata.
Iata’s latest report on air cargo growth for March 2024 showed that total global demand, measured in cargo tonne-kilometres (CTKs), rose by 10.3% compared with March 2023 levels, while growth in international operations rose 11.4%. This represents the fourth consecutive month of double-digit year-on-year growth.
"Air cargo demand grew by 10.3% 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 Director General.
Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 7.3% compared with March 2023, with a 10.5% increase in international operations.
Asia-Pacific airlines saw air cargo demand growth of 14.3% year-on-year in March, North American carriers experienced 0.9% growth for the period, European carriers recorded 10.0% growth, while demand grew 19,9% for Middle Eastern carriers. Latin American airlines reported demand growth of 9,2% and African airlines’ cargo demand rose 14.2% for the period.
According to the report, global cross-border trade and industrial production increased by 1.2% and 1.6% respectively in February.
In March, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, indicating expansion. The new export orders PMI also rose to 49.5, remaining slightly below the 50 threshold that would indicate growth expectations.
Globally, inflation recorded a mixed picture in March. In the EU and Japan, inflation rates fell to 2.6% and 2.7% respectively, while rising in the US to 3.5%. In contrast, China experienced a slight deflation of 0.01%. This latest figure marks a return to deflation after February's brief period of inflation.
Iata represents some 320 airlines comprising 83% of global air traffic. Total cargo traffic market share by region of carriers in terms of CTKs is broken down 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%.
