- Overall levels reaching heights not seen since the record peaks of 2021.
The International Air Transport Association has released “data for July 2024 global air cargo markets showing continuing strong annual growth in demand.”
According to the data, “African airlines saw 6.2% year-on-year demand growth for air cargo in July – the lowest of all regions and their lowest recorded figure in 2024.” The data further reveals that “Demand on the Africa–Asia market increased by 15.4% compared to July 2023. July capacity increased by 10.5% year-on-year.”
Highlights of the report according to IATA show:
- Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 13.6% compared to July 2023 levels (14.3% for international operations). This is the eighth consecutive month of double-digit year-on-year growth, with overall levels reaching heights not seen since the record peaks of 2021.
- Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 8.3% compared to July 2023 (10.1% for international operations). This was largely related to the growth in international belly capacity, which rose 12.8% on the strength of passenger markets and balancing the 6.9% growth of international freighter capacity. It should be noted that the increase in belly capacity is the lowest in 40 months whereas the growth in freighter capacity is the highest since an exceptional jump was recorded in January 2024.
IATA’s Director General said: “Air cargo demand hit record highs year-to-date in July with strong growth across all regions. The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping. With the peak season still to come, it is shaping to be a very strong year for air cargo. And airlines have proven adept at navigating political and economic uncertainties to flexibly meet emerging demand trends.”
Air Cargo Market in Detail
| July 2024 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
| Total Market | 100% | 14.1% | 8.8% | 2.1% | 45.8% |
| Africa | 2.0% | 11.8% | 23.8% | -4.1% | 38.5% |
| Asia Pacific | 33.3% | 17.0% | 10.7% | 2.7% | 49.6% |
| Europe | 21.4% | 16.1% | 9.1% | 3.0% | 50.7% |
| Latin America | 2.8% | 13.1% | 15.5% | -0.7% | 33.6% |
| Middle East | 13.5% | 13.8% | 6.9% | 2.9% | 47.3% |
| North America | 26.9% | 9.5% | 6.0% | 1.3% | 39.8% |
(*1) % of industry CTKs in 2023 (*2) Year-on-year change in load factor (*3) Load factor level
Source: IATA