On May 29, 2024, the International Air Transport Association released data for April 2024, revealing a robust increase in global air cargo transport. Cargo traffic, measured in freight tonne-kilometers, increased by 11.1% compared to April 2023, with international operations rising by 11.6%. This is the fifth consecutive month of year-on-year double-digit growth. Capacity also increased, though at a slower rate of 7.1%, reaching 10.2% for international operations.
Willie Walsh, IATA's Director General, explained that "air cargo demand started the second quarter with a solid increase. Although many economic uncertainties remain, it appears that the strong performance of air cargo is taking root. In recent months, air cargo demand has grown even when the Purchasing Managers' Index (PMI) indicated potential contraction. Now that the PMI indicates growth, the outlook for continued strong demand is even more robust."
IATA highlighted several factors that may have driven the rise in air cargo. Firstly, PMI indicators for global manufacturing output and new export orders turned positive (at 51.5 and 50.5, respectively). This is the first time in two years that the PMI for new export orders has shown growth. Additionally, industrial production increased by 1.6% year-on-year in March, while global cross-border trade decreased by 0.8%. Finally, inflation remained relatively stable in April in the United States, the EU, and Japan, with rates of 3.4%, 2.6%, and 2.5%, respectively.
Regionally, airlines in the Asia-Pacific region recorded the strongest growth, with a 14% year-on-year increase in demand. Intra-Asian market demand grew by 13.2% compared to April 2023, while the Asia-Europe route saw a 17.7% increase and the Middle East-Asia route rose by 10.4%.
European carriers registered a 12.7% year-on-year increase in demand. Intra-European air cargo increased by 34.4% compared to April 2023, reflecting the highest annual growth in over a decade. North American carriers showed weaker performance, with a 7% year-on-year increase in demand, the weakest among all regions. Demand on the Asia-North America route grew by 7.3%, while the North America-Europe route saw a 5.6% increase, marking the highest demand growth for this route since September 2022.
Latin America performed much better, with demand growing by 11.7%, capacity increasing by 9.8%, and a load factor of 38.7%. The Middle East showed a demand growth of 9.4%, with a capacity increase of 5.7% and a load factor of 44.7%. Finally, in Africa, demand grew by 10.6%, accompanied by a significant 18.7% increase in capacity, with a load factor of 42.9%.
