This is the third consecutive month of double-digit year-on-year demand cargo growth. Cargo capacity, measured in available cargo tonne-kilometers, increased by 13.4% compared to February 2023 (16.0% for international operations), says Willie Walsh, Director General, IATA.
CT Bureau
IATA released data for February 2024 global air cargo markets showing continuing annual growth in demand. Total demand, measured in cargo tonne-kilometers rose by 11.9 per cent compared to February 2023 levels (12.4% for international operations).
This is the third consecutive month of double-digit YoY demand cargo growth. Capacity, measured in available cargo tonne-kilometers increased by 13.4 per cent compared to February 2023 (16.0% for global operations). This was largely related to the increase in international belly capacity accompanying growth in passenger markets (29.5% year-on-year increase), which far exceeded global capacity on freighters (3.2% YoY growth).
“Growth in February’s demand of 11.9 per cent far outpaced the 0.9 per cent expansion in cross-border trade. This start for 2024 could see demand surpass the high levels of early 2022. It also shows air cargo’s strong resilience in the face of continuing political and economic uncertainties,” Willie Walsh, Director General, IATA, said.
February regional performance
- Asia-Pacific Airlines saw 11.9 per cent YoY demand growth for air cargo in February. This was a significant decrease compared to January’s 24.3 per cent YoY growth. Capacity increased by 23.1 per cent year-on-year as
belly capacity came online with recovery in the passenger business.
Middle Eastern carriers saw 20.9 per cent YoY growth in demand for air cargo in February. The Middle East–Europe market was the strongest performing with 39.3 per cent growth, far ahead of Middle East-Asia, which grew by 21.9 per cent YoY. February capacity increased 16.2 per cent year-on-year. - Vital factors in global operating environment
- Global cross-border trade increased by 0.9 per cent in January
- In February, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.2, indicating expansion. The new export orders PMI also rose to 49.4, remaining slightly below the 50 threshold that would indicate growth
- February YoY inflation dropped to 2.8 per cent in the EU, while rising to 2.8 per cent and 3.2 per cent in Japan and the USA, respectively.
- After four months of deflation, China reported a 0.7 per cent increase in inflation YoY—a positive development amid concerns over China’s economic slowdown.
