In the first half of 2024, global air cargo transport rose by 12% compared to the same period the previous year. This data, released on July 5 by WorldACD Market Data, showed an 11% increase in the first quarter and a 12% increase in the second quarter. However, growth slowed to 9% in June, slightly below the monthly average growth rate recorded in 2024. Analysts attribute this slowdown mainly to a reduction in demand for outbound shipments from the Middle East and South Asia (Mesa) region, which fell from +27% in the first quarter to +13% in the second quarter. Despite challenges such as disruptions in container maritime transport caused by attacks on ships in the Red Sea, this region maintained a significant growth level compared to the same period the previous year.
Shipments originating from the Asia-Pacific continued to show strong growth, with an annual increase of 18% in the second quarter, consistent with the 20% increase in the first quarter. Other regions also contributed positively: volumes from Europe increased by 7%, from Africa by 6%, while North America and Central and South America saw a 5% increase. Overall, demand in the first half of 2024 rose across all major origin regions, with Asia-Pacific and Mesa leading the pack with a 19% increase each. Single-digit growth was recorded in Africa (+8%), Europe (+7%), the Americas (+5%), and North America (+2%).
On the pricing front, global average rates declined by 8% annually in the first half of 2024, settling at $2.39 per kilogram. This reduction is partly due to the challenging comparison with the high rates of the first quarter of last year ($2.76/kg). However, in the second quarter of this year, average rates climbed to $2.46 per kilogram, marking a 2% increase compared to the same period last year, driven by significant annual increases from origins in Asia-Pacific (+10%) and Mesa (+47%) on certain routes. Despite global average rates being lower in the first four months of 2024 compared to last year, May saw a positive shift (+2%), with the gap widening further in June (+9%) as rates reached $2.52 per kilogram.
In week 26 (June 24-30), global average rates slightly decreased by $0.02 to $2.51 per kilogram on a weekly basis. Nonetheless, this value rose by 9% on an annual basis, remaining well above pre-Covid levels (+41% compared to June 2019). Meanwhile, global tonnage in week 26 rebounded by 3% after losing around 5% in the previous two weeks, primarily due to the annual Eid al-Adha holidays, which took place from June 16 to June 20 this year. This positive trend in global air cargo, supported by steady growth and recovering rates, indicates a robust sector recovery with expectations of further expansion in the coming months.
