The International Air Transport Association (IATA) has announced robust growth in global air cargo markets for June 2024, marking an exceptional first half of the year. The total demand, measured in cargo tonne-kilometers (CTKs), surged by 14.1% compared to June 2023, with international operations witnessing a 15.6% rise. This marks the seventh consecutive month of double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometers (ACTKs), also saw an increase of 8.8% compared to June 2023, with international capacity growing by 10.8%. The total demand for the first half of 2024 (H1) increased by 13.4% compared to H1 2023, surpassing H1 2022 by 4.3% and H1 2021 by 0.02%.
Willie Walsh, IATA’s Director General, attributed the surge to strong growth across all regions and major trade lanes, compounded by maritime shipping constraints and a booming e-commerce sector. “Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024,” he stated, noting the sector’s resilience against political and economic challenges, including the US customs crackdown on e-commerce deliveries from China.
Several factors in the operating environment were highlighted:
– The global manufacturing output PMI indicated expansion at 52.3 in June, while the new export orders PMI showed a slight contraction at 49.3.
– Global cross-border trade expanded by 0.1% month-on-month in May, with industrial production remaining steady.
– Inflation varied globally, with rates holding steady in the EU and Japan, dropping in the US, and staying near zero in China due to weak domestic demand and a real estate sector crisis.
Regional Performance in June 2024:
– Asia-Pacific: Demand grew by 17.0%, with significant increases in Africa-Asia (37.5%), Europe-Asia (20.3%), Within Asia (21.0%), and Middle East-Asia (15.1%) trade lanes. Capacity rose by 10.7%.
– North America: The region saw a 9.5% increase in demand, the lowest among all regions. The Asia-North America trade lane grew by 12.8%, and capacity increased by 6.0%.
– Europe: Demand increased by 16.1%, with intra-European air cargo rising by 16.7%. The Europe-Middle East and Europe-Asia routes saw significant growth. Capacity increased by 9.1%.
– Middle East: Demand rose by 13.8%, with the Middle East-Europe market performing exceptionally well. Capacity grew by 6.9%.
– Latin America: Demand increased by 13.1%, with a notable 17.2% rise in international demand. Capacity increased by 15.5%.
– Africa: Demand grew by 11.8%, with the Africa-Asia market seeing a 37.5% increase. Capacity surged by 23.8%.
