According to a new analysis from the International Air Transport Association (IATA), global air cargo is set to finish the year strong as markets continue to post strong annual growth in demand.

IATA said global air cargo markets in September saw total demand, measured in cargo tonne-kilometres (CTKs), rise by 9.4% compared to September 2023 levels (10.5% for international operations).

This is also the 14th consecutive month of growth.  

IATA said capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.4% compared to September 2023 (8.1% for international operations).

This continued to be largely related to the growth in international belly capacity, which rose 10.3% — extending the trend of double-digit annual capacity growth to 41 consecutive months. 

"September performance brought continued good news for air cargo markets. With 9.4% year-on-year growth, cargo volumes continued to mark all-time highs for demand. Yields are also improving, up 11.7% in 2023 and 50% above 2019 levels. All this points to a strong finish for this year," commented Willie Walsh, IATA's director-general.

"For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how US trade policy will evolve," he added.

Regional Performance

For September, IATA said Asia-Pacific airlines saw 11.7% year-on-year demand growth for air cargo, while capacity increased by 8.5% year-on-year.

North American carriers saw 3.8% year-on-year demand growth for air cargo in September, as capacity was up 4.2% compared to September 2023.

IATA said European carriers saw 11.7% annual demand growth, and capacity also increased 7.5% year-on-year.

Middle Eastern carriers saw 10.1% year-on-year demand growth for air cargo in September, as capacity increased 2.9% year-on-year.

For the period, Latin American carriers saw 20.9% growth compared to September 2023, which is the strongest growth among the regions. Capacity grew 7.9% year-on-year.

African airlines saw 1.7% year-on-year demand growth for air cargo in September, the slowest among regions, although capacity increased by 13.9% year-on-year.  

Meanwhile, IATA noted international routes experienced exceptional traffic levels for a fifth month, with a 10.5% year-on-year increase in September.

 [Source: IATA]

"Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping," it said.