Global air cargo demand, measured in cargo tonne-kilometres (CTKs), rose by 9.8% compared to October 2023 levels (10.3% for international operations) capping a 15th consecutive month of growth.
\nAccording to the International Air Transport Association (IATA), which released data for October 2024, capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 5.9% compared to October 2023 (7.2% for international operations).
\nThis was largely driven by an 8.5% increase in international belly capacity. Dedicated freighter capacity increased by 5.6%, the seventh consecutive month of growth with volumes nearing 2021 peak levels.
\nBanner year for air cargo
\n\u201cAir cargo markets continued their strong performance in October, with demand rising 9.8% year-on-year and capacity up 5.9%. Global air cargo yields (including surcharges) continue to rise, up 10.6% on 2023 and 49% on 2019 levels. While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution.
\n\u201cThe incoming Trump Administration\u2019s announced intention to impose significant tariffs on its top trading partners\u2014Canada, China and Mexico\u2014has the potential to upend global supply chains and undermine consumer confidence. The air cargo industry\u2019s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds,” said Willie Walsh, IATA\u2019s Director General.
\nSeveral factors in the operating environment played a part in this. Year-on-year, industrial production rose 1.6% in September while global goods trade increased 2.4% for a sixth consecutive month of growth. The increase in trade is partly due to businesses stockpiling inventory ahead of potential disruptions, like the US port strike.
\nGlobal manufacturing activity rebounded in October. The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark, indicating growth. However, the PMI for new export orders, remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade.
\nUS headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.17 percentage points to 2.58% in October, ending a six-month decline. In the same month, the inflation rate in the EU increased by 0.24 percentage points to 2.33%. China\u2019s consumer inflation fell to 0.29% in October, sparking concerns of an economic slowdown.
\nOctober regional performance
\nAsia-Pacific airlines saw 13.4% year-on-year demand growth for air cargo in October. Capacity increased by 9.3% year-on-year.
\nNorth American carriers saw 9.5% year-on-year demand growth for air cargo in October. Capacity increased by 5.8% year-on-year.
\nEuropean carriers saw 7.6% year-on-year demand growth for air cargo in October. Capacity increased 3.9% year-on-year.
\nMiddle Eastern carriers saw 4.5% year-on-year demand growth for air cargo in October. Capacity increased 0.8% year-on-year.
\nLatin American carriers saw 18.5% year-on-year demand growth for air cargo in October, the strongest growth among the regions. Capacity increased 5.8% year-on-year.
\nAfrican airlines saw 1.6% year-on-year demand growth for air cargo in October, the slowest among regions. Capacity increased by 7.7% year-on-year.
\nTrade lane growth
\nInternational routes experienced exceptional traffic levels for the fifth consecutive month with a 10.3% year-on-year increase in October. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.\u2014Trade Arabia News Service<\/p>\n","protected":false},"excerpt":{"rendered":"
Global air cargo demand, measured in cargo tonne-kilometres (CTKs), rose by 9.8% compared to October 2023 levels (10.3% for international operations) capping a 15th consecutive month of growth. According to the International Air Transport Association (IATA), which released data for October 2024, capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 5.9% compared to October …<\/p>\n","protected":false},"author":1,"featured_media":18589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"default","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":null,"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[96,102],"tags":[],"class_list":["post-18588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation-world","category-featured-en"],"yoast_head":"\n