(05/07/24) IATA’s global air cargo data for May 2024 shows
continued growth in demand.
Total demand, measured in cargo tonne-kilometers
(CTK), rose by 14.7% compared to May 2023 levels, +15.5% for
international operations, the sixth consecutive month of
double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometers
(ACTK), increased by 6.7% compared to May 2023, +10.2% for
international operations.
IATA highlights several key factors:
– In May, the Purchasing Managers Index (PMIs) for
global manufacturing output and new export orders indicated
expansion (52.6 and 50.4 respectively);
– Industrial production and global cross-border
trade increased month-on-month in April by 0.5% and 1.5%,
respectively; and
Atlas Air Boeing 7474F reg: N407KZ. Picture by Steven Howard of TravelNewsAsia.com
– Inflation saw a mixed picture in May. In the EU
and Japan, inflation rates fell to 2.7% and 2.8%, respectively,
while rising in the US to 3.3%. In contrast, China’s inflation
rate remained near zero (0.3%) reflecting weak domestic demand due
to high unemployment, slow income growth and a crisis in the real
estate sector, a trend that has persisted since 2023.
“Air cargo demand moved sharply upwards in May
across all regions. The sector benefitted from trade growth,
booming e-commerce and capacity constraints on maritime shipping.
The outlook remains largely positive with purchasing managers
showing expectations for future growth,” said Willie Walsh, IATA
Director General. “Some dampening, however, could come as the US
imposes stricter conditions on e-commerce deliveries from China.
Increased costs and transit times for shipments under $800 may
deter US consumers and pose significant challenges for growth on
the Asia-North America trade lane – the world’s biggest.”
Asia-Pacific airlines saw 17.8% year-on-year
demand growth for air cargo in May. Demand on the Africa-Asia
trade lane grew by 40.6% y-o-y, while the Europe-Asia,
within Asia, and Middle East-Asia trade lanes rose by 20.4%, 19.2%
and 18.6%, respectively. Capacity increased by 8.4% y-o-y.
North American carriers saw 8.7% y-o-y
demand growth for air cargo in May, the weakest among all regions.
Demand on the Asia-North America trade lane grew by 12%
y-o-y, while the North America-Europe route increased by 8.9%, the
largest demand growth for this route since mid-2022. May capacity
increased by 2.5% y-o-y.
European carriers saw 17.2% y-o-y demand
growth for air cargo in May. Intra-European air cargo rose by
25.6% compared to May 2023, the fifth month in a row of
double-digit annual growth. Europe–Middle East routes saw demand
increase by 33.8%, whilst May capacity increased 11.9% y-o-y.
Middle Eastern carriers saw 15.3% year-on-year
demand growth for air cargo in May. As mentioned in the previous
paragraph, the Middle
East–Europe market performed particularly well with 33.8% annual
growth. The Middle East-Asia market grew by 18.6% y-o-y, whilst capacity increased 2.7%
y-o-y.
Latin American carriers saw 12.7% year-on-year
demand growth for air cargo in May. Capacity increased 8%
y-o-y.
African airlines saw 18.4% y-o-y demand
growth for air cargo in May, the strongest of all regions. Demand
on the Africa–Asia market increased by 40.6% compared to May 2023,
the strongest performance of all trade lanes. May capacity
increased by 21.4% y-o-y.
