(31/07/24) IATA’s global air cargo market data for June
2024 shows continued growth in demand, contributing to an
exceptional first half-year performance with volumes exceeding
2023, 2022 and even the record-breaking numbers of 2021.
Total demand, measured in cargo tonne-kilometers
(CTK), rose by 14.1% and 15.6% for international operations,
compared to June 2023 levels, the seventh consecutive month of
double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometers
(ACTK), increased by 8.8% overall and 10.8% for
international operations, compared to June 2023.
Total H1 demand increased by 13.4%
compared to H1 2023, by 4.3% compared to H1 2022, and by 0.02%
compared to H1 2021.
IATA highlights several factors that
should be noted:
UPS Boeing 747 Freighter coming in to land at Hong Kong Airport (HKG). Picture by Steven Howard of TravelNewsAsia.com
– In June, the Purchasing Managers Index (PMI) for
global manufacturing output indicated expansion at 52.3 while the
new export orders PMI registered a small contraction, falling
below the critical 50-point benchmark to 49.3;
– Global cross-border trade expanded 0.1%
month-on-month in May while industrial production stayed level
compared to the previous month; and
– Inflation was a mixed picture in June. In the EU
and Japan, inflation rates stayed roughly constant compared to the
previous month at 2.6% and 2.8% respectively, whilst dropping in
the US to 3%. In contrast, China’s inflation rate remained near
zero (0.3%) reflecting weak domestic demand amid high
unemployment, slow income growth, and problems in the real estate
sector, a trend that has persisted since 2023.
“Strong growth across all regions and major trade
lanes combined for a record-breaking first-half performance in
terms of CTKs. Maritime shipping constraints and a booming
e-commerce sector are among the strongest growth drivers,” said
Willie Walsh, IATA’s Director General. “Meanwhile, the sector has
remained largely impervious to ongoing political and economic
challenges, and the US customs crackdown on e-commerce deliveries
from China. Air cargo looks to be on solid ground to continue its
strong performance into the second half of 2024.”
Asia-Pacific airlines saw 17% year-on-year
demand growth for air cargo in June, the strongest among all
regions. Demand on the Africa-Asia trade lane grew by 37.5%
y-o-y, whilst the Europe-Asia, within Asia and Middle
East-Asia trade lanes rose by 20.3%, 21% and 15.1% respectively.
Capacity increased by 10.7% y-o-y.
North American carriers reported y-o-y
demand growth of 9.5%, the weakest among all
regions. Demand on the North America-Europe route saw an increase
of 6.7%, whilst the Asia-North America trade lane, the world’s
largest, grew by 12.8% y-o-y, the largest annual increase
in five months. June capacity increased by 6% y-o-y.
European carriers enjoyed 16.1% y-o-y demand
growth. Intra-European air cargo rose by
16.7% compared to June 2023, the sixth month in a row of
double-digit annual growth. Europe–Middle East and Europe–Asia
routes saw demand increase by 30.2% and 20.3% respectively. June
capacity increased 9.1% y-o-y.
Middle Eastern carriers reported y-o-y
demand growth of 13.8%. The
Middle East–Europe market performed particularly well with 30.2%
annual growth, ahead of Middle East–Asia which grew by 15.1%
y-o-y. June capacity increased 6.9% y-o-y.
Latin American carriers saw 13.1% y-o-y
demand growth and capacity increased 15.5%
y-o-y. Notably, Latin America posted the second-highest
increase in international demand growth at 17.2% in June, up 6.3
percentage points compared to the previous month.
African airlines reported an average 11.8% y-o-y demand
growth during the month. Demand on the Africa–Asia market
increased by 37.5% compared to June 2023, the strongest
performance of all trade lanes. June capacity increased by 23.8%
y-o-y.