AIR CARGO DEMAND GROWS BY 11.4% IN AUGUST
On 3 October, the International Air Transport Association (IATA) released its August data on global air freight markets, highlighting a strong growth in demand. Compared to August 2023, total demand, measured in cargo tonne-kilometres (CTKs), increased by 11.4% (12.4% for international operations). This marks the nineth consecutive months of double-digit year-on-year growth, with overall levels reaching heights not seen since the record peaks of 2021. Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 6.2% compared to August 2023 (8.2% for international operations). This increase was primarily due to a 10.9% increase in international belly capacity, with industry-wide capacity reaching an all-time high.
European carriers experienced a 13.5% year-on-year growth in air cargo demand in August, with intra-European air cargo increasing by 15% year-on-year. Routes between Europe and the Middle East saw demand growing by 28.9% year-on-year, while those between Europe and Asia was up 18.4%.
IATA indicated that the strong performance of air cargo is driven by slow but steady growth in global trade, booming e-commerce, and ongoing capacity constraints in maritime shipping.
Source: IATA