Global Air Cargo Demand Surges 9.8% in October, Marking 15th Consecutive Month of Growth

Global air cargo demand continued its robust upward trajectory in October 2024, rising by 9.8% compared to the same period last year, marking the 15th consecutive month of growth, according to the latest data from the International Air Transport Association (IATA).

International cargo demand was particularly strong, increasing by 10.3%, while capacity grew by 5.9%, reflecting the sustained recovery in the sector.

The growth in air cargo demand comes amid ongoing capacity expansion, with a 5.6% increase in dedicated freighter capacity and an 8.5% rise in international bellyhold capacity. This marks the seventh consecutive month of growth in freighter capacity, with volumes approaching the peak levels seen in 2021.

IATA’s Director General, Willie Walsh, noted that the air cargo sector’s performance is setting new records in 2024, with global yields (including surcharges) rising by 10.6% year-on-year, and 49% higher than pre-pandemic levels in 2019. “2024 is shaping up to be a banner year for air cargo. However, we must remain cautious about 2025, as geopolitical tensions, particularly the proposed tariffs by the incoming US administration on key trading partners, could destabilize global supply chains,” Walsh said.

The ongoing growth in global air cargo demand is linked to several factors. Global goods trade increased by 2.4% in September, marking the sixth consecutive month of growth, driven in part by businesses stockpiling inventory to protect against potential disruptions like the US port strike. Additionally, global manufacturing activity rebounded in October, but new export orders continued to show weakness, reflecting the uncertainty in international trade.

Inflationary pressures are also being felt across key regions. In the US, inflation rose to 2.58% in October, while in the EU, the rate increased to 2.33%. Meanwhile, China saw a significant drop in consumer inflation to just 0.29%, sparking concerns over a possible economic slowdown.

In terms of regional performance, Asia-Pacific airlines posted the strongest growth, with a 13.4% year-on-year increase in cargo demand in October, while capacity increased by 9.3%. North American carriers saw a 9.5% increase in demand, and European airlines experienced a 7.6% rise. Middle Eastern carriers saw a more modest 4.5% demand growth, while Latin America led with a remarkable 18.5% surge in air cargo demand. However, African airlines recorded the slowest growth, with demand rising by just 1.6%.

International trade lanes, especially those linking major global markets, continued to see high traffic levels, up by 10.3% year-on-year in October. This marks the fifth consecutive month of exceptional growth on international routes, spurred by strong e-commerce demand in key markets like the US and Europe. This demand is further amplified by ongoing capacity constraints in ocean shipping, pushing more goods onto air cargo services.

Despite the ongoing uncertainties in the global economic environment, the air cargo sector’s ability to adapt and meet demand underscores its critical role in the global supply chain. As businesses increasingly rely on air freight for time-sensitive and high-value goods, the sector continues to prove its resilience and potential for growth.

*Share is based on full-year 2023 CTKs.