The International Air Transport Association (IATA) said the air cargo industry is set to continue its strong performance in the second half of 2024 as it released data for June showing a double-digit growth in demand.
IATA said June numbers showed continuing strong annual growth in demand – contributing to an "exceptional first half-year" performance for air cargo, with volumes exceeding 2023, 2022, and even the record-breaking 2021 levels.
For the month, IATA said total demand, measured in cargo tonne-kilometers (CTKs), rose by 14.1% compared to June 2023 levels (15.6% for international operations).
"This is the seventh consecutive month of double-digit year-on-year growth," the airline trade association said in a statement.
It noted that capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 8.8% compared to June 2023 (10.8% for international operations).
For the first half of the year, air cargo demand increased by 13.4% compared to the January-June period in 2023, 4.3% compared to H1 2022, and 0.02% compared to H1 2021.
"Air cargo demand surged in June. 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, director general at IATA.
He added that 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," Walsh said.
[Source: IATA]
June regional performance
The IATA report said Asia-Pacific airlines saw 17.0% year-on-year demand growth for air cargo in June — the strongest among all regions.
Demand for the Africa-Asia trade lane grew by 37.5% year-on-year, while the Europe-Asia, Within Asia and Middle East-Asia trade lanes rose by 20.3%, 21.0% and 15.1%, respectively.
Capacity increased by 10.7% year-on-year.
North American carriers saw 9.5% year-on-year demand growth for air cargo in June — the weakest growth among all regions.
European carriers saw 16.1% year-on-year demand growth for air cargo in June, with intra-European air cargo rising by 16.7% compared to June 2023, the sixth month in a row of double-digit annual growth.
IATA said Middle Eastern carriers saw 13.8% year-on-year demand growth for air cargo in June, with the Middle East–Europe market performing particularly well with 30.2% annual growth.
Latin American carriers saw 13.1% year-on-year demand growth for air cargo in June and posted the second-highest increase in international demand growth at 17.2%.
The report added that African airlines saw 11.8% year-on-year demand growth for air cargo in June. Demand on the Africa–Asia market increased by 37.5% compared to June 2023, the strongest performance of all trade lanes.
