IATA November air cargo demand report shows 16th straight month of growth

The International Air Transport Association (IATA) released its air cargo demand report for November 2024, showing sustained growth throughout a 16-month period.

Based on findings, total demand in cargo tonne-kilometers (CTK) was up by 8.2 percent compared to November 2023 levels for a 16th consecutive month of growth.

Likewise, capacity in terms of available cargo tonne-kilometers (ACTK) rose by 4.6 percent compared to November 2023.

It should also be noted that international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5 percent year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.

IATA director-general Willie Walsh said: “It was a good November for air cargo with 8.2 percent demand growth nearly doubling the 4.6 percent growth in cargo capacity. Fuel costs tracked at 22 percent below previous-year levels and tight market conditions supported yield growth at 7.8 percent. All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions.”

Factors considered for the November 2024 report

• Year-on-year, industrial production rose 2.1 percent in October. Global goods trade grew for a seventh consecutive month, reporting a 1.6 percent increase.
• The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for November, indicating growth. However, the PMI for new export orders remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade.
• US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.1 percentage points to 2.7 percent in November. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.5 percent. China’s consumer inflation fell to 0.2 percent in November, continuing concerns of an economic slowdown.

Regional performance in November 2024

Asia-Pacific airlines saw 13.2 percent year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4 percent year-on-year.

North American carriers saw 6.9 percent year-on-year demand growth for air cargo in November. Capacity increased by 2.2 percent year-on-year.

European carriers saw 5.6 percent year-on-year demand growth for air cargo in November. Capacity increased 4.3 percent year-on-year.

Middle Eastern carriers saw 3.6 percent year-on-year demand growth for air cargo in November. Capacity decreased by 0.6 percent year-on-year.

Latin American carriers saw 11.6 percent year-on-year demand growth for air cargo in November. Capacity increased 6.4 percent year-on-year.

African airlines saw a 0.7 percent year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4 percent year-on-year.