The International Air Transport Association (IATA) has just released its July 2024 year- on -year analysis of the air cargo market and traffic.
During the month in review, African airlines saw 6.2% year-on-year demand growth for air cargo in July, the lowest of all regions and their lowest recorded figure in 2024. Demand on the Africa–Asia market increased by 15.4% compared to July 2023 while July capacity increased by 10.5% year-on-year July’s figures reflect slower year-on-year demand and capacity compared with June when demand was up 11.8% year-on-year and capacity rose expanded by 23.8% year-on-year.
By comparison, the global airline industry reported a 13.6% rise in demand for air cargo transport last month compared to July 2023 levels, for an 8th consecutive month of double-digit y-o-y growth. Globally, capacity expanded by 8.3% last month versus July 2023.
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 8.3% compared to July 2023 (10.1% for international operations). This was largely related to the growth in international belly capacity, which rose 12.8% on the strength of passenger markets and balancing the 6.9% growth of international freighter capacity. It should be noted that the increase in belly capacity is the lowest in 40 months whereas the growth in freighter capacity is the highest since an exceptional jump was recorded in January 2024.
“Air cargo demand hit record highs year-to-date in July with strong growth across all regions. The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping. With the peak season still to come, it is shaping to be a very strong year for air cargo. And airlines have proven adept at navigating political and economic uncertainties to flexibly meet emerging demand trends,” said Willie Walsh, IATA’s Director General.
Asia-Pacific airlines saw 17.6% year-on-year demand growth for air cargo in July, the strongest of all regions. Demand on the Within-Asia trade lane grew by 19.8% year-on-year, while the Europe-Asia, Middle East-Asia, and Asia-Africa trade lanes rose by 17.9%, 15.9% and 15.4% respectively. Capacity increased by 11.3% year-on-year.
North American carriers saw 8.7% year-on-year demand growth for air cargo in July. Growth was hampered in part by flight cancelations and airport closures in the US and the Caribbean in relation to Hurricane Beryl. Demand on the Asia-North America trade lane, the largest trade lane by volume, grew by 10.8% year-on-year, while the North America-Europe route saw a modest increase of 5.3%. July capacity increased by 7.0% year-on-year.
European carriers saw 13.7% year-on-year demand growth for air cargo in July. The Middle East–Europe trade lane led growth, up 32.2%, maintaining a streak of double-digit annual growth that originated in September 2023. The Europe–Asia route, the second largest market, was up 17.9%. Within Europe also saw double-digit growth, up 15.5%. July capacity increased 7.6% year-on-year. – The International Air Transport Association (IATA).
