IATA reports strong growth in global air cargo demand for October 2024 with capacity increases

The International Air Transport Association (IATA) released data for the global air cargo market in October 2024, showing continued strong annual growth in demand.

Total demand, measured in cargo tonne-kilometres (CTKs), rose by 9.8% compared to October 2023 (10.3% for international operations), marking the 15th consecutive month of growth.

Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 5.9% compared to October 2023 (7.2% for international operations). This was largely driven by an 8.5% rise in international belly capacity. Dedicated freighter capacity grew by 5.6%, marking the seventh consecutive month of growth, with volumes approaching 2021 peak levels.

“Air cargo markets continued their strong performance in October, with demand rising 9.8% year-on-year and capacity up 5.9%. Global air cargo yields (including surcharges) continue to rise, up 10.6% in 2023 and 49% on 2019 levels. While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution. The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners—Canada, China and Mexico—has the potential to upend global supply chains and undermine consumer confidence. The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted

Year-on-year, industrial production rose 1.6% in September while global goods trade increased 2.4% for a sixth consecutive month of growth. The increase in trade is partly due to businesses stockpiling inventory ahead of potential disruptions, like the US port strike.

Global manufacturing activity rebounded in October. The Purchasing Managers Index (PMI) for global manufacturing output was above the 50 mark, indicating growth. However, the PMI for new export orders, remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade. 

US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.17 percentage points to 2.58% in October, ending a six-month decline. In the same month, the inflation rate in the EU increased by 0.24 percentage points to 2.33%. China’s consumer inflation fell to 0.29% in October, sparking concerns of an economic slowdown.

Check out more of the stats here.