The International Air Transport Association (IATA) has released data for March 2024, showing continued strong annual growth in demand for global air cargo markets. 

Total demand — measured in cargo tonne-kilometres (CTKs) — rose by 10.3% compared to March 2023 levels, and capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 7.3% year-on-year.

IATA said this is the fourth consecutive month of double-digit year-on-year growth. 

"Air cargo demand grew by 10.3% over the previous March. This contributed to a strong first quarter performance, which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis," said Willie Walsh, director-general at IATA.

"With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo," he added.

 [Source: IATA]

For March, IATA reported that Asia-Pacific airlines saw 14.3% year-on-year demand growth for air cargo. Demand for the Asia-Europe route grew by 2.7 ppt to 17.0%, and within the Asia market grew by 6.7 ppt to 11.8%. Capacity increased by 14.3% year-on-year.

North American carriers saw 0.9% year-on-year demand growth for air cargo in March — the weakest among all regions. IATA noted that demand on the North America–Europe trade lane grew by 2.9% year-on-year while Asia–North America grew by 4.7% year-on-year.

Meanwhile, European carriers saw 10.0% year-on-year demand growth for air cargo in March. IATA said intra-European air cargo rose by 24.7% year-on-year. Demand for Europe–Middle East routes grew by 38.3% year-on-year, while demand for Europe–North America expanded by 2.9% year-on-year.

In March, IATA noted that Middle Eastern carriers saw 19.9% year-on-year demand growth for air cargo, the strongest of all regions.

It said that the Middle East–Europe market was the strongest performing with 38.3% growth, ahead of Middle East-Asia, which grew by 19.6% year-on-year.

Latin American carriers saw 9.2% year-on-year demand growth for air cargo in March, and IATA noted that African airlines saw 14.2% year-on-year demand growth for air cargo during the same month.

"Demand in Africa–Asia market increased to 22.9%. However, this was a 19.8 ppt decrease compared to February’s performance and the largest contraction across the major route areas," IATA said.