10/31/2024 | Press release | Distributed by Public on 10/31/2024 07:41
Geneva - The International Air Transport Association (IATA) released data for September 2024 global air cargo markets showing continuing strong annual growth in demand.
"September performance brought continued good news for air cargo markets. With 9.4% year-on-year growth, cargo volumes continued to mark all-time highs for demand. Yields are also improving, up 11.7% on 2023 and 50% above 2019 levels. All this points to a strong finish for this year. For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how US trade policy will evolve," said Willie Walsh, IATA's Director General.
Several factors in the operating environment should be noted:
September 2024 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
Total Market | 100% | 9.4% | 6.4% | 1.3% | 45.6% |
Africa | 2.0% | 1.7% | 13.9% | -4.7% | 39.2% |
Asia Pacific | 33.3% | 11.7% | 8.5% | 1.4% | 48.5% |
Europe | 21.4% | 11.7% | 7.5% | 1.9% | 52.5% |
Latin America | 2.8% | 20.9% | 7.9% | 3.9% | 36.8% |
Middle East | 13.5% | 10.1% | 2.9% | 3.1% | 47.4% |
North America | 26.9% | 3.8% | 4.2% | -0.1% | 38.9% |
(*1) % of industry CTKs in 2023 (*2) Year-on-year change in load factor (*3) Load factor level
Asia-Pacific airlines saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased by 8.5% year-on-year.
North American carriers saw 3.8% year-on-year demand growth for air cargo in September. Capacity increased by 4.2% year-on-year.
European carriers saw 11.7% year-on-year demand growth for air cargo in September. Capacity increased 7.5% year-on-year.
Middle Eastern carriers saw 10.1% year-on-year demand growth for air cargo in September. Capacity increased 2.9% year-on-year.
Latin American carriers saw 20.9% year-on-year demand growth for air cargo in September, the strongest growth among the regions. Capacity increased 7.9% year-on-year.
African airlines saw 1.7% year-on-year demand growth for air cargo in September, the slowest among regions. September capacity increased by 13.9% year-on-year.
Trade Lane Growth: International routes experienced exceptional traffic levels for a fifth month, with a 10.5% year-on-year increase in September. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
Trade Lane | growth | Notes | share* |
Asia-North America | +7.6% | 11 consecutive months of growth | 25.0% |
Europe-Asia | +11.8% | 19 consecutive months of growth | 19.4% |
North America-Europe | +3.8% | 11 consecutive months of growth | 14.3% |
Middle East-Asia | +13.9% | 16 consecutive months of growth | 7.2% |
Within Asia | +13.4% | 11 consecutive months of growth | 6.7% |
Middle East-Europe | +15.6% | 14 consecutive months of growth | 5.0% |
Within Europe | +18.0% | 10 consecutive months of growth | 1.9% |
Africa-Asia | +6.7% | 13 consecutive months of growth | 1.2% |
*Share is based on full-year 2023 CTKs.
> View September 2024 Air Cargo Market Analysis(pdf)
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Notes for Editors: