The International Air Transport Association (IATA) released data for February 2024 global air cargo markets, showing continuing strong annual growth in demand. This marks the third consecutive month of double-digit year-on-year demand growth.

It said that total demand — measured in cargo tonne-kilometers (CTKs) — rose by 11.9% compared to February 2023 levels (12.4% for international operations). 

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 13.4% compared to February 2023 (16.0% for international operations), which IATA said was largely related to the increase in international belly capacity accompanying growth in passenger markets, which far exceeded international capacity on freighters (3.2% year-on-year increase).

"February's demand growth of 11.9% far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022," said Willie Walsh, director general of IATA.

He added, "It also shows air cargo's strong resilience in the face of continuing political and economic uncertainties."

 [Source: IATA]

February regional performance

For the month, IATA said Asia-Pacific airlines saw 11.9% year-on-year demand growth for air cargo in February—a significant decrease compared to January's 24.3% year-on-year growth. This is likely related to slowing activity after the Lunar New Year celebrations.

North American carriers saw 4.2% year-on-year demand growth for air cargo in February, the weakest growth among all regions.

European carriers saw 14.6% year-on-year demand growth for air cargo in February.

IATA said intra-European air cargo rose by 24.5% year-on-year — the strongest performance in almost three years.

Meanwhile,  Middle Eastern carriers saw 20.9% year-on-year 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% year-on-year. February capacity increased 16.2% year-on-year," IATA said.

Latin American carriers saw 13.7% year-on-year demand growth for air cargo in February.

African airlines saw 22.0% year-on-year demand growth for air cargo in February, which IATA noted is the strongest among all regions.