Global air cargo demand grew 8.2% in November 2024, led by strong Asia-Pacific performance

The International Air Transport Association (IATA) released data for November 2024 global air cargo markets showing:

•    Total demand, measured in cargo tonne-kilometres (CTK), rose by 8.2% compared to November 2023 levels (9.5% for international operations) for a 16th consecutive month of growth. 

•    Capacity, measured in available cargo tonne-kilometres (ACTK), increased by 4.6% compared to November 2023 (6.5% for international operations). 

Several factors in the operating environment should be noted

•    Year-on-year, industrial production rose 2.1% in October. Global goods trade grew for a seventh consecutive month, reporting a 1.6% increase. 

•    The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for November, 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 0.1 percentage points to 2.7% in November. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.5%. China’s consumer inflation fell to 0.2% in November, continuing concerns of an economic slowdown.

November regional performance

Asia-Pacific airlines saw 13.2% year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4% year-on-year. 

North American carriers saw 6.9% year-on-year demand growth for air cargo in November. Capacity increased by 2.2% year-on-year.

European carriers saw 5.6% year-on-year demand growth for air cargo in November. Capacity increased 4.3% year-on-year.

Middle Eastern carriers saw 3.6% year-on-year demand growth for air cargo in November. Capacity decreased by 0.6% year-on-year.

Latin American carriers saw 11.6% year-on-year demand growth for air cargo in November. Capacity increased 6.4% year-on-year.

African airlines saw a 0.7% year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4% year-on-year.  

Trade Lane Growth: International routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.

Check out more data here.