September 2024: A Record Month for Global Air Cargo Demand

In September 2024, the International Air Transport Association (IATA) reported robust growth in the global air cargo sector, with total demand, measured in cargo ton kilometers (CTKs), rising by 9.4% year-over-year. International air cargo operations saw an even higher increase of 10.5%. This marks the 14th consecutive month of demand growth for the air cargo industry.

Capacity, measured in available cargo tonkilometers (ACTKs), also grew by 6.4% compared to September 2023, with international operations experiencing an 8.1% increase. The capacity growth was driven largely by a 10.3% rise in international belly capacity, which has sustained double-digit growth for 41 months straight.

Willie Walsh, IATA’s Director General, highlighted the significance of this performance, noting that cargo volumes are achieving all-time highs and that yields are up 11.7% compared to 2023 and 50% higher than in 2019. This strong performance reflects a favorable outlook for the industry as it approaches the end of the year.

Key Indicators:

Industrial Production: Increased by 1.6% year-over-year.

Global Goods Trade: Grew by 2.8% for the sixth consecutive month, with a monthly trade increase of 1.4%—the highest in seven months.

Purchasing Managers Index (PMI): indicators for global manufacturing output and new export orders fell below the contraction threshold, suggesting a potential slowdown.

Regional Performance:

Asia-Pacific: 11.7% demand growth with 8.5% capacity increase.

North America: Demand rose by 3.8%, with a 4.2% increase in capacity.

Europe: Experienced 11.7% demand growth and 7.5% capacity increase.

Middle East: Saw 10.1% demand growth and a 2.9% capacity increase.

Latin America: Notable growth of 20.9% in demand, the highest among all regions, with a 7.9% increase in capacity.

Africa Recorded the slowest growth at 1.7%, though capacity surged by 13.9%.

Trade Lane Insights: International routes continued strong performance, up 10.5% year-on-year. Increased demand for e-commerce in the U.S. and Europe, combined with capacity constraints in ocean shipping, is benefiting airlines.

Market Share by Region:
AsiaPacific: 33.3%
North America: 26.9%
Europe: 21.4%
Middle East: 13.5%
Latin America: 2.8%
Africa: 2.0%

These figures suggest that the air cargo sector is experiencing significant momentum, driven by global trade dynamics, increased production, and sustained e-commerce demand. Looking ahead, industry stakeholders are particularly attentive to the potential impacts of upcoming U.S. elections on trade policy.