post IATA November air cargo demand report shows 16th straight month of growth First appeared on TD (Travel Daily Media) Travel Daily Media.
The International Air Transport Association (IATA) released its air cargo demand report for November 2024, showing sustained growth over the 16-month period.
Based on the results, total demand in cargo tonne-kilometers (CTK) increased by 8.2 percent compared to November 2023 levels for the 16th consecutive month of growth.
Similarly, available cargo tonne-kilometer (ACTK) capacity increased by 4.6 percent compared to November 2023.
It should also be noted that international routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5 percent year-on-year increase in November. Airlines are benefiting from growing e-commerce demand in the US and Europe amid ongoing capacity constraints on ocean shipping.
IATA Director General Willie Walsh said: “It was a good November for air cargo with 8.2 per cent growth in demand almost doubling the 4.6 per cent increase in cargo capacity. Fuel costs tracked 22 percent below year-ago levels and tighter market conditions supported yield growth of 7.8 percent. All things considered we are looking to end 2024 air cargo performance on a profitable note. While this strong performance is likely to extend through 2025, there are some downside risks that must be carefully monitored. These include inflation, geopolitical uncertainty and trade tensions.
Matters considered for November 2024 report
- On a year-over-year basis, industrial production rose 2.1 percent in October. Global goods trade grew for the seventh straight month, reporting a 1.6 percent increase.
- The purchasing managers' index (PMI) for global manufacturing output was above the 50-mark for November, indicating growth. However, the PMI for new export orders remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade.
- US headline inflation, based on the annual Consumer Price Index (CPI), rose 0.1 percentage point to 2.7 percent in November. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.5 percent. China's consumer price inflation fell to 0.2 percent in November, amid continuing concerns of an economic slowdown.
Regional performance in November 2024
Asia-Pacific airlines reported a 13.2 percent year-on-year increase in demand for air cargo in November, the strongest increase among the regions. Capacity grew by 9.4 percent year-on-year.
North American carriers reported a 6.9 percent year-over-year increase in demand for air cargo in November. Capacity grew by 2.2 percent year-on-year.
European carriers reported a 5.6 percent year-on-year increase in demand for air cargo in November. Capacity grew by 4.3 percent year-on-year.
Middle East carriers reported a 3.6 percent year-on-year increase in demand for air cargo in November. Capacity fell 0.6 percent year-on-year.
Latin American carriers reported an 11.6 percent year-on-year increase in demand for air cargo in November. Capacity grew by 6.4 percent annually.
African airlines reported a 0.7 percent year-on-year decline in air cargo demand in November, the slowest among regions. Capacity grew by 0.4 percent year-on-year.
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