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Global air cargo continues to see massive growth

Despite inflation, global air cargo has once again risen as the international market goes from strength to strength

New data from the International Air Transport Association (IATA) suggests global air cargo markets continue to show strong annual growth in demand.

The August results show total demand rose by 11.4 per cent compared to August 2023 levels, meaning it’s the ninth consecutive months of double-digit year-on-year growth, with overall levels reaching heights not seen since record peaks in 2021.

Capacity also increased by 6.2 per cent compared to August 2023, largely related to the growth in international belly capacity, which rose by nearly 11 per cent on the strength of passenger markets.

“We continue to see very good news in air cargo markets. The sector recorded a second consecutive month of record high demand year-to-date,” IATA director general Willie Walsh says.

“Even with record levels of capacity, yields are up 11.7 per cent on 2023, two per cent on the previous month, and 46 per cent above pre-pandemic levels. This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping.”

The IATA says several factors are influencing the results, including industrial production staying level in August.

In the Asia-Pacific, airlines saw 14.6 per cent year-on-year demand growth for air cargo in August, while North American carriers saw 4.8 per cent growth.

European carriers experienced 13.5 per cent demand growth in August, while Middle Eastern carriers saw 13.5 per cent, Latin America 14.2 per cent and African airlines 7.5 per cent year-on-year.

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