The International Air Transport Association (IATA) has announced a significant 13.6% increase in global air cargo demand, as measured by cargo tonne-kilometres, for the year 2024 compared to the same period in 2023. This marks the eighth consecutive month of double-digit growth in the air cargo sector, reaching levels not seen since the record-breaking peaks of 2021.
Despite the global surge, African airlines experienced more modest growth, with a 6.2% year-on-year increase in demand for air cargo in July, the lowest recorded figure for the continent this year. This is also the lowest growth rate among all regions globally.
IATA’s report highlighted that capacity, measured in available cargo tonne-kilometres, grew by 8.3% compared to July 2023. This increase was driven largely by the growth in international belly capacity, which rose by 12.8% due to strong passenger markets. In contrast, international freighter capacity grew by 6.9%, with the freighter segment experiencing its highest growth since a significant increase in January.
Willie Walsh, Director-General of IATA, commented on the robust performance of the air cargo industry, noting that the demand for air cargo had reached record highs by July 2024. He attributed this growth to the ongoing expansion in global trade, the boom in e-commerce, and the capacity constraints faced by maritime shipping.
“With the peak season still ahead, the air cargo industry is on track for a very strong year. Airlines have demonstrated remarkable adaptability in navigating political and economic challenges to meet the evolving demand trends,” Walsh stated.
As the year progresses, the air cargo sector is expected to continue its upward trajectory, driven by the factors mentioned above, positioning it for a potentially record-setting year.
