Air cargo was a standout performer last year, with airlines moving more air cargo than ever before, according to the latest data released by the International Air Transport Association (Iata).
Full-year demand for 2024, measured in cargo tonne-kilometres (CTK), increased 11.3% (12.2% for international operations) compared to 2023. Full-year 2024 demand exceeded the record volumes set in 2021.
Full-year capacity in 2024, measured in available cargo tonne-kilometres (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations).
Full-year yields averaged 1.6% lower than 2023 but 39% higher than in 2019.
December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7.0% for international operations). Global capacity was 3.7% above 2023 levels (5.2% for international operations). Cargo yields were 6.6% higher than 2023 (and 53.4% higher than in December 2019).
“Importantly, it was a year of profitable growth,” said Willie Walsh, Iata’s director general. “Demand, up 11.3% year-on-year (y-o-y), was boosted by particularly strong e-commerce and various ocean shipping restrictions. This, combined with airspace restrictions which limited capacity on some key long-haul routes to Asia, helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022, they averaged 39% higher than 2019,” he said.
Looking to 2025, Iata expects growth to moderate to 5.8%, aligned with historical performance. “Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” said Walsh.
In terms of regional performance, African airlines saw 8.5% y-o-y demand growth in 2024. Capacity increased by 13.6% y-o-y. December y-o-y growth in demand decreased by -0.9%, the lowest of all regions, while and capacity increased 1.8%.
Asia-Pacific airlines were the strongest performers, recording 14.5% y-o-y demand growth. Capacity increased by 11.3% y-o-y. December y-o-y demand growth increased 8.4% and capacity increased 6.3%.
