The International Air Transport Association (IATA) released data for February 2024 global air cargo markets showing continuing strong annual growth in demand. Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 11.9% compared to February 2023 levels (12.4% for international operations). This is the third consecutive month of double-digit year-on-year demand growth. Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 13.4% compared to February 2023 (16.0% for international operations). This was largely related to the increase in international belly capacity accompanying growth in passenger markets (29.5% year-on-year increase), which far exceeded international capacity on freighters (3.2% year-on-year increase). “February’s demand growth of 11.9% far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022. It also shows air cargo’s strong resilience in the face of continuing political and economic uncertainties,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
Global cross-border trade increased by 0.9% in January.
In February, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.2, indicating expansion. The new export orders PMI also rose to 49.4, remaining slightly below the 50 threshold that would indicate growth.
February year-on-year inflation dropped to 2.8% in the EU while rising to 2.8% and 3.2% in Japan and the US respectively. After four months of deflation, China reported a 0.7% increase in inflation year-on-year—a positive development amid concerns over China’s economic slowdown.