On a year-on-year basis in 2024, African airlines saw 8.5% year-on-year demand growth for air cargo increased their cargo capacity by 13.6% year-on-year achieving a 41.8% cargo load factor.
The figures were released by the International Air Transport Association in its full year analysis of the air cargo sector’s performance based on traffic and capacity data captured in each region worldwide.
However, in December 2024 demand fell by -0.9% year-on-year, which was the lowest of all regions and capacity increased 1.8%. In 2024, Africa accounted for 2% of the total global air cargo market.
The air cargo sector is a useful barometer of intra-regional and global trade and economic performance. Although air cargo volumes are a fraction of the tonnage carried by sea, road, river and rail, items transported by aircraft are generally high-value items and perishables, while e-commerce also accounts for a steadily increasing segment of the market.
Full-year demand for 2024, measured in cargo tonne-kilometers (CTK), increased 11.3% (12.2% for international operations) compared to 2023. Full-year 2024 demand exceeded the record volumes set in 2021.
Full-year capacity in 2024, measured in available cargo tonne-kilometers (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations). Full-year yields averaged 1.6% lower than 2023 but 39% higher than in 2019.
“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39% higher than 2019,” said Willie Walsh, IATA’s Director General.
Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance.
“Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” said Walsh.
Global trade in goods grew by 3.6% annually in 2024. In December, both the manufacturing output Purchasing Managers Index or PMI (49.2) and new export orders PMI (48.2) were below the critical threshold represented by the 50 mark, indicating a decline in global manufacturing production and exports.
Asia-Pacific airlines saw 14.5% year-on-year demand growth for air cargo in 2024, the strongest among the regions. Capacity increased by 11.3% year-on-year. December year-on-year demand increased 8.4% and capacity increased 6.3%.
North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased 5.3% and capacity increased 2.1%.
European carriers saw 11.2% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8% year-on-year. December year-on-year demand increased 5.1% and capacity increased 3.7%.
Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased 3.3% and capacity increased 0.2%.
Latin American carriers saw 12.6% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9% year-on-year. December year-on-year demand increased 10.9%, the highest of all regions and capacity increased 8.4%. -IATA
