The International Air Transport Association (IATA) released data for May 2024 global air cargo markets showing continuing strong annual growth in demand.

Total demand, measured in cargo tonne-kilometers (CTKs) — rose by 14.7% compared to May 2023 levels (15.5% for international operations).

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

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.7% compared to May 2023 (10.2% for international operations). 

"Air cargo demand moved sharply upwards in May across all regions. The sector benefitted from trade growth, booming e-commerce and capacity constraints on maritime shipping," said Willie Walsh, director general at IATA.

"The outlook remains largely positive, with purchasing managers showing expectations for future growth. Some dampening, however, could come as the US imposes stricter conditions on e-commerce deliveries from China," he added.

Walsh went on to note that increased costs and transit times for shipments under US$800 may deter US consumers and pose significant challenges for growth on the Asia-North America trade lane.

 [Source: IATA]

May regional performance

For the period, Asia-Pacific airlines saw 17.8% year-on-year demand growth for air cargo in May. Demand for the Africa-Asia trade lane grew by 40.6% year-on-year, while the Europe-Asia, Within Asia and Middle East-Asia trade lanes rose by 20.4%, 19.2% and 18.6%, respectively. Capacity increased by 8.4% year-on-year.

North American carriers saw 8.7% year-on-year demand growth for air cargo in May — the weakest among all regions. Demand on the Asia-North America trade lane grew by 12.0% year-on-year, while the North America-Europe route saw an increase of 8.9%, marking the largest demand growth for this route since mid-2022.

European carriers saw 17.2% year-on-year demand growth for air cargo in May. Intra-European air cargo rose by 25.6% compared to May 2023, the fifth month in a row of double-digit annual growth. Europe-Middle East routes saw demand increase by 33.8%.

Middle Eastern carriers saw 15.3% year-on-year demand growth for air cargo in May.

IATA said the Middle East-Europe market performed particularly well with 33.8% annual growth, ahead of Middle East-Asia, which grew by 18.6% year-on-year. May capacity increased 2.7% year-on-year.

Latin American carriers saw 12.7% year-on-year demand growth for air cargo in May.

Meanwhile, African airlines saw 18.4% year-on-year demand growth for air cargo in May — the strongest of all regions. Demand on the Africa-Asia market increased by 40.6% compared to May 2023, the strongest performance of all trade lanes.