IATA: AIR CARGO DEMAND MARKS 6TH MONTH OF DOUBLE-DIGIT GROWTH
July 3, 2024 / Asia Cargo News
Summary:
- Overall Growth: May 2024 saw a 14.7% increase in global air cargo demand (15.5% for international operations) compared to May 2023.
- Capacity Increase: Capacity rose by 6.7% year-on-year (10.2% for international operations).
- Continued Growth: This marks the sixth consecutive month of double-digit year-on-year growth in air cargo demand.
- Sector Drivers: Growth is driven by trade expansion, booming e-commerce, and capacity issues in maritime shipping.
- Regional Outlook: While the outlook is positive, potential impacts from new US regulations on e-commerce from China could affect future growth.
- Asia-Pacific: Saw a 17.8% increase in demand; significant growth in the Africa-Asia (40.6%), Europe-Asia (20.4%), Within Asia (19.2%), and Middle East-Asia (18.6%) trade lanes. Capacity increased by 8.4%.
- North America: Experienced 8.7% growth in air cargo demand, with the Asia-North America route up by 12.0% and North America-Europe up by 8.9%.
- Europe: Had a 17.2% increase in demand, with intra-European cargo up by 25.6% and Europe-Middle East up by 33.8%.
- Middle East: Recorded a 15.3% rise in demand, with the Middle East-Europe route performing exceptionally well (33.8% growth). Capacity increased by 2.7%.
- Latin America: Saw a 12.7% increase in demand for air cargo.
- Africa: Led with 18.4% growth, including a notable 40.6% increase in the Africa-Asia market, the strongest of all regions.
