IATA Reports Latest Air Cargo Data

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(30/05/24)
 IATA has reported that total demand for air
cargo, measured in cargo tonne-kilometers (CTK), rose by 11.1%
compared to April 2023 levels, and +11.6% for international
operations, the fifth consecutive month of double-digit
year-on-year growth.

Capacity, measured in available cargo tonne-kilometers
(ACTK), increased by 7.1% compared to April 2023 and +10.2% for
international operations.

IATA has highlighted several factors that should
be noted:

– In April, the Purchasing Managers Index (PMI) for global manufacturing
output and new export orders turned positive at 51.5 and 50.5 respectively, the first time in two years that the
PMI of new
export orders has been in growth territory;

– Industrial production increased by 1.6% in March
year-on-year, while global cross-border trade contracted by 0.8%;
and

– Inflation remained relatively stable across the
US, EU and Japan in April with rates at 3.4%, 2.6%, and 2.5%,
respectively. China reported a 0.2% increase in consumer prices
year-on-year—a positive signal amid concerns over China’s economic
slowdown.

UPS Boeing 747-8F reg: N607UP at HKG. Picture by Steven Howard of TravelNewsAsia.com

“While many economic uncertainties remain, it
appears that the roots of air cargo’s strong performance are
deepening,” said Willie Walsh, IATA’s Director General. “In recent
months, air cargo demand grew even when the PMI was indicating the
potential for contraction. With the PMI now indicating growth, the
prospects for continued strong demand are even more robust.”

Asia-Pacific airlines saw 14% year-on-year
demand growth for air cargo in April, the strongest of all
regions. Demand within the Asia market grew by 13.2% compared to
April 2023, and the Asia-Europe route grew by 17.7%. The Middle
East-Asia route rose by 10.4%, 9.5 percentage points less
than the growth recorded in March, whilst capacity increased by 7.8%
year-on-year.

North American carriers reported a 7% year-on-year
demand growth for air cargo in April, the weakest amongst all
regions. Demand on the Asia-North America trade lane grew by 7.3%
year-on-year, while the North America-Europe route saw an increase
of 5.6%, marking the largest demand growth for this route since
September 2022. April capacity increased by 4% year-on-year.

European carriers enjoyed 12.7% year-on-year demand
growth for air cargo during the month. Intra-European air cargo rose by
34.4% compared to April 2023, reflecting the highest annual growth
in over a decade and a jump of 8.1ppt compared to the month
before. Europe–Middle East routes saw demand increase by 30.1%,
experiencing a drop of 8.5 percentage points compared to the previous month’s
figure. April capacity increased 10.3% year-on-year.

Middle Eastern carriers saw year-on-year
air cargo demand grow by 9.4% for  in April. The Middle East–Europe
market performed particularly well with 30.1% annual growth, ahead
of Middle East-Asia which grew by 10.4% year-on-year. April
capacity increased 5.7% year-on-year.

Latin American carriers experienced year-on-year
demand growth of 11.7% in April, whilst capacity increased 9.8%
year-on-year.

African airlines saw 10.6% year-on-year demand
growth for air cargo in April, with demand on the Africa–Asia market
increasing by 25.8% compared to April 2023. April capacity
jumped 18.7% year-on-year.

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