Air Cargo Demand Soared by 11.9% in February

DALLAS — According to the International Air Transport Association (IATA), the air cargo industry experienced a boom in February 2024.

Global demand for air cargo, measured in cargo tonne-kilometers (CTKs), rose by 11.9% compared to February 2023. International operations saw an even more substantial increase of 12.4%. This marks the third consecutive month of double-digit year-on-year growth.

IATA's Director General, Willie Walsh, expressed optimism that this strong start to 2024 could see demand surpass even the highs of early 2022, highlighting the air cargo industry's recovery despite ongoing economic and political uncertainties.

“February’s demand growth of 11.9% far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022. It also shows air cargo’s resilience in the face of continuing political and economic uncertainties,” said Willie Walsh, IATA’s Director General

Capacity Increase Driven by Passenger Recovery

This growth in cargo capacity (measured in available cargo tonne-kilometers or ACTKs) is keeping pace with demand, with a 13.4% increase compared to February 2023.

Interestingly, the rise in belly cargo capacity, which travels on passenger aircraft, is a significant driver, growing by 29.5% year-on-year due to the rebound in passenger travel. This far outpaces the more modest growth of freighter capacity (3.2% year-on-year).

Regional Performance

• Asia-Pacific: Despite a slowdown after the Lunar New Year celebrations, the region saw a healthy growth of 11.9% yearly.
• North America: The region was the weakest performer, with 4.2% growth, though key trade lanes like Asia and North America showed positive signs.
• Europe: Demand grew 14.6% yearly, with intra-European routes experiencing the most robust performance in nearly three years.
• Middle East: The region boasted the highest growth (20.9%), with the Middle East-Europe route leading.
• Latin America: Growth of 13.7% year-on-year.
• Africa: The strongest regional performer with a surge of 22.0% year-on-year, with intra-African trade showing exceptional growth of 42.3%.

Overall, the latest figures paint a positive picture for the air cargo industry, suggesting continued growth that could surpass pre-pandemic levels.