International Air Cargo Demand Up 12.4% in February 2024; Capacity Up 16%

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(04/04/24)
 IATA’s global
air cargo data for February 2024 shows continued growth in
demand.

Measured in cargo tonne-kilometers
(CTK), total demand rose by 11.9% compared to February 2023 (12.4% for
international operations), the third consecutive month of
double-digit year-on-year growth.

Capacity,
measured in available cargo tonne-kilometers (ACTK), increased by
13.4% compared to February 2023 (16% for international operations),
largely thanks to the growth in
international belly capacity accompanying that of passenger
markets (29.5% year-on-year increase), which far exceeded
international capacity on freighters (3.2% year-on-year increase).

IATA highlighted several factors that should be noted:

– Global cross-border trade increased by
0.9% in January;

– In February, the manufacturing
output Purchasing Managers’ Index (PMI) climbed to 51.2,
indicating expansion. The new export orders PMI also rose to 49.4,
remaining slightly below the 50 threshold that would indicate
growth; and

– February year-on-year inflation dropped to 2.8% in
the EU while rising to 2.8% and 3.2% in Japan and the US
respectively. After four months of deflation, China reported a
0.7% increase in inflation year-on-year, a positive development
amid concerns over China’s economic slowdown.

“February’s demand growth of 11.9% far outpaced
the 0.9% expansion in cross-border trade,” said Willie Walsh,
IATA’s Director General. “This strong start for 2024 could see
demand surpass the exceptionally high levels of early 2022. It
also shows air cargo’s strong resilience in the face of continuing
political and economic uncertainties.”

Asia-Pacific airlines saw 11.9% year-on-year demand growth for air
cargo in February. This was a significant decrease compared to
January’s 24.3% year-on-year growth, likely related to slowing
activity after the Lunar New Year celebrations. Capacity increased
by 23.1% year-on-year as belly capacity came online with recovery
in the passenger business.

North American carriers
saw a 4.2% year-on-year demand growth for air cargo in February, the
weakest among all regions. Demand on the North America – Europe
trade lane grew by 5.2% year-on-year while Asia – North America grew
by 3.9% year-on-year. February capacity increased by 1.9% year-on-year.

European carriers reported a 14.6%
year-on-year demand growth for air cargo in February.
Intra-European air cargo rose by 24.5% year-on-year, the strongest
performance in almost three years. Europe – Middle East routes saw
demand grow by 39.3% year-on-year, whilst Europe – North America expanded by 5.2% year-on-year. February capacity increased 13.2%
y-o-y.

Middle Eastern carriers saw a 20.9% y-o-y demand growth for air cargo in February. The Middle
East – Europe market was the strongest performing with +39.3%
growth, far ahead of Middle East – Asia which grew by 21.9%
y-o-y. February capacity increased 16.2% year-on-year.

Latin American carriers reported a 13.7% year-on-year demand
growth for air cargo in February, whilst capacity increased 8.9%
y-o-y.

African airlines saw a 22%
year-on-year demand growth for air cargo in February, the strongest
among all regions. The intra-Africa trade lane showed 42.3%
year-on-year growth. February capacity increased by 28.2%
y-o-y.

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