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According to data released by the International Air Transport Association (IATA), global air cargo markets experienced a 9.4% rise in total demand in September 2024. This marks the 14th consecutive month of growth. The capacity, measured in available cargo tonne-kilometers (ACTKs), also increased by 6.4% compared to the same period in 2023.
Several operating environment factors contributed to these results. Industrial production rose 1.6% year-on-year, and global goods trade increased by 2.8%, marking the sixth consecutive month of growth. However, the Purchasing Managers Index (PMIs) for global manufacturing output and the PMI for new export orders were below 50, indicating contraction. Inflation rates in the US and EU experienced slight declines, while China’s consumer inflation remained low amid concerns of an economic slowdown.
Regionally, growth varied. Latin American carriers saw the strongest growth with a 20.9% increase in demand, while African airlines experienced the slowest growth at 1.7%. Asia-Pacific, Europe, and Middle Eastern carriers also saw substantial demand growth, with 11.7%, 11.7%, and 10.1%, respectively.
International routes also experienced notable traffic levels, with a 10.5% year-on-year increase in September. This has been attributed to rising e-commerce demand in the US and Europe and ongoing capacity limits in ocean shipping.
