August records double digit YOY growth of global air cargo: IATA

According to the International Air Transport Association (IATA), August was the ninth consecutive month of double-digit year-on-year growth for the global air cargo market boosted by global trade growth, e-commerce demand and ocean shipping constraints. Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.4% compared to August 2023 levels, said IATA.  Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.2% compared to August 2023. This was largely due to 10.9% growth in international belly capacity. Industry-wide capacity has reached an all-time high, noted the trade body. And the cargo load factor was up two percentage points to 44%. Despite global record capacity and falling fuel prices, the global air cargo yield maintains a moderate upward trend.“We continue to see very good news in air cargo markets,” said Willie Walsh, IATA’s director general. “The sector recorded a second consecutive month of record high demand year-to-date. Even with record levels of capacity, yields are up 11.7% on 2023, 2% on the previous month, and 46% above pre-pandemic levels.“This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping.”