The International Air Transport Association (IATA) has released data for global air cargo in August 2024, highlighting a strong, continuous annual growth in demand. Total demand, measured in cargo ton-kilometers, rose by 11.4% compared to the same month in 2023, with international operations seeing an even greater increase of 12.4%. This marks the ninth consecutive month of double-digit year-on-year growth, reaching levels not seen since the record peaks of 2021.
Capacity, measured in available ton-kilometers, also grew by 6.2% compared to the same period last year, with international operations surging by 8.2%. This increase was primarily driven by the rise in international passenger flights, which saw a 10.9% boost in capacity. The industry reached an all-time high in available capacity, a significant milestone for the sector.
Willie Walsh, IATA's Director General, explained, "We continue to see very positive news in air cargo markets. The sector recorded its second consecutive month of record demand this year. Even with record capacity levels, yields have increased by 11.7% compared to 2023, 2% from the previous month, and 46% from pre-pandemic levels. This performance is supported by slow but steady growth in global trade, the booming e-commerce sector, and ongoing capacity limitations in maritime shipping."
Despite the strong growth, IATA noted several factors to consider in the current operational environment. Global industrial production remained stable in August on a month-to-month basis, while global cross-border trade saw a slight decline of 0.3%. The Purchasing Managers' Index (PMI) for global manufacturing and new export orders remained below the 50-point threshold, indicating a contraction. Inflation, meanwhile, presented a mixed picture: it dropped to its lowest levels since 2021 in the U.S. and the European Union but rose slightly in Japan and China.
Looking at regional performance in more detail, airlines in the Asia-Pacific region posted the strongest growth, with demand rising by 14.6% year-on-year, driven by the Asia-Africa (+21.2%) and Asia-Europe (+18.4%) routes. Intra-Asia routes also showed significant growth of 16.1%, although this was down from the previous month due to events such as unrest in Bangladesh and Typhoon Shanshan in Japan, which led to airport closures and flight cancellations.
North American airlines reported more modest growth of 4.8%, with a 9.3% increase on the Asia-North America route, the largest by volume, and a 6.1% rise on the North America-Europe route. In Europe, demand grew by 13.5%, with the Middle East-Europe market recording a 28.9% increase, the highest growth among all routes.
Middle Eastern airlines also saw robust growth of 13.5%, driven mainly by routes to Europe and Asia. Meanwhile, Latin American airlines experienced a 14.2% rise in demand, and African airlines registered a 7.5% growth, with the Africa-Asia route performing well, up 21.1% compared to August 2023.
