A double-digit increase marks global air cargo in March 2024, according to data published by the International Air Transport Association. This marks the fourth consecutive month of robust year-on-year growth, with international operations hitting particularly high numbers. Total demand, measured in tonne-kilometers, saw an 11.4% increase in international transport, while capacity, measured in available tonne-kilometers, grew by 7.3%, and up to 10.5% in international transports alone.
IATA’s Director General, Willie Walsh, commented on the performance: "This contributes to a strong first quarter of 2024, even surpassing the exceptional first quarter of 2021 during the Covid crisis. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo." In February, global cross-border trade and industrial production rose by 1.2% and 1.6% respectively. In March, the Purchasing Managers' Index (PMI) for manufacturing rose to 51.9, indicating expansion. The PMI index for new export orders increased to 49.5, remaining just below the 50-point threshold that would indicate growth expectations.
Inflation presented a mixed picture in March: in the European Union and Japan, inflation rates dropped to 2.6% and 2.7% respectively, while in the United States, they rose to 3.5%. Conversely, China experienced a slight deflation of 0.01%, marking a return to deflation after a brief period of inflation in February.
Regionally, the Middle East recorded the highest percentage growth in demand in March, with a 19.9% increase over the previous year. The route to Europe was particularly active, showing a 38.3% increase, underscoring strong trade interconnectivity between these areas. The Asia-Pacific region followed with a 14.3% annual increase in demand. Notably, demand on the Asia-Europe routes saw a significant rise, reaching 17%.
Africa also demonstrated notable growth, with a 14.2% increase in demand compared to March 2023. Despite a contraction from February, the continent continues to expand its logistical capabilities and air freight capacity, particularly towards Asia, where demand reached 22.9%. European carriers recorded a 10% annual increase in demand. A significant rise in intra-European cargo flights, which grew by 24.7%, reflects strengthened economic integration within the continent.
Latin America noted a 9.2% increase in demand on an annual basis, highlighting the region's ability to maintain steady growth amidst uncertain global economic variables. In contrast, carriers in North America recorded the most modest growth, with only a 0.9% increase in demand. This can be attributed to various economic and operational factors that have limited capacity expansions, marking a 1.9% decrease in available capacity.
