04/30/2024 | Press release | Distributed by Public on 04/30/2024 06:36
Geneva - The International Air Transport Association (IATA) released data for March 2024 global air cargo markets showing continuing strong annual growth in demand.
Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 10.3% compared to March 2023 levels (11.4% for international operations). This is the fourth consecutive month of double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3% compared to March 2023 (10.5% for international operations).
"Air cargo demand grew by 10.3% over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo," said Willie Walsh, IATA's Director General.
Several factors in the operating environment should be noted:
March 2024 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
Total Market | 100% | 10.3% | 7.3% | 1.3% | 47.3% |
Africa | 2.0% | 14.2% | 17.3% | -1.3% | 47.3% |
Asia Pacific | 33.3% | 14.3% | 14.3% | 0.0% | 47.5% |
Europe | 21.4% | 10.0% | 8.0% | 1.0% | 58.1% |
Latin America | 2.8% | 9.2% | 7.0% | 0.8% | 40.2% |
Middle East | 13.5% | 19.9% | 10.2% | 3.9% | 49.6% |
North America | 26.9% | 0.9% | -1.9% | 1.1% | 40.4% |
(*1) % of industry CTKs in 2023 (*2) Year-on-year change in load factor (*3) Load factor level
Asia-Pacific airlines saw 14.3% year-on-year demand growth for air cargo in March. Demand on the Asia-Europe route grew by 2.7 ppt to 17.0% and the within Asia market grew by 6.7 ppt to 11.8%. Capacity increased by 14.3% year-on-year.
North American carriers saw 0.9% year-on-year demand growth for air cargo in March -the weakest among all regions. Demand on the North America-Europe trade lane grew by 2.9% year-on-year while Asia-North America grew by 4.7% year-on-year. March capacity decreased by -1.9% year-on-year.
European carriers saw 10.0% year-on-year demand growth for air cargo in March. Intra-European air cargo rose by 24.7% year-on-year. Europe-Middle East routes saw demand grow by 38.3% year-on-year, while Europe-North America expanded by 2.9% year-on-year. March capacity increased 8.0% year-on-year.
Middle Eastern carriers saw 19.9% year-on-year demand growth for air cargo in March - the strongest of all regions. The Middle East-Europe market was the strongest performing with 38.3% growth, ahead of Middle East-Asia which grew by 19.6% year-on-year. March capacity increased 10.6% year-on-year.
Latin American carriers saw 9.2% year-on-year demand growth for air cargo in March. Capacity increased 7.0% year-on-year.
African airlines saw 14.2% year-on-year demand growth for air cargo in March. Demand on Africa-Asia market increased to 22.9%, however this was a 19.8 ppt decrease compared to February's performance and the largest contraction across the major route areas. March capacity increased by 17.3% year-on-year.
> View March 2024 Air Cargo Market Analysis(pdf)
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