The Asia-Pacific region’s airlines recorded a significant 17.6 percent year-on-year increase in air cargo demand for July 2024, marking the highest growth among all regions, according to the International Air Transport Association (IATA).
Globally, overall air cargo demand rose by 13.6 percent in July 2024 compared to the same period last year, with international operations experiencing a 14.3 percent increase. IATA noted that this was the eighth consecutive month of double-digit year-on-year growth, with all regions witnessing levels not seen since the record highs of 2021.
The growth in demand, measured in cargo tonne-kilometres (CTK), was most pronounced on intra-Asia trade routes, which saw a 19.8 percent year-on-year increase. Additionally, trade routes between Europe-Asia, Middle East-Asia, and Asia-Africa recorded increases of 17.9 percent, 15.9 percent, and 15.4 percent, respectively.
Capacity, as measured in available cargo tonne-kilometres (ACTK), also saw a year-on-year rise of 11.3 percent in July 2024. This growth was largely driven by increased international cargo space capacity, which expanded by 12.8 percent due to a strong passenger market, effectively balancing out the 6.9 percent rise in international cargo capacity.
Willie Walsh, IATA’s Director General, remarked that air cargo demand reached its highest level for 2024 in July, with robust growth observed across all regions. He attributed this to the ongoing expansion of global trade, the rapid growth of e-commerce, and the capacity constraints faced by maritime transport.
With the peak season still ahead, Walsh expressed optimism for the air cargo sector, stating that this year is shaping up to be a highly promising period. He praised airlines for their ability to adapt and navigate through the political and economic uncertainties to meet the surging demand flexibly.
IATA also highlighted several factors contributing to the strong performance in July, including the Global Manufacturing Purchasing Managers’ Index (PMI), which recorded a reading of 50.2 for the month. Additionally, inflation rates remained relatively stable in key regions such as the United States (2.9 percent), Japan (2.8 percent), and the European Union (2.8 percent), further supporting the positive outlook for air cargo.
