The International Air Transport Association (IATA) released data for November 2024 global air cargo markets showing total demand, measured in cargo tonne-kilometres (CTK), rose by 8.2 per cent compared to November 2023 levels (9.5per cent for international operations) for the 16th consecutive month of growth.
Capacity, measured in available cargtonne-kilometresrs (ACTK), increased by 4.6 per cent compared to November 2023 (6.5 per cent for international operations).
“It was a good November for air cargo with 8.2 percent demand growth nearly doubling the 4.6 percent growth in cargo capacity. Fuel costs tracked at 22 percent below previous-year levels and tight market conditions supported yield growth at 7.8 percent.
“All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions,” said Willie Walsh, IATA’s Director General.
Year-on-year, industrial production rose 2.1 percent in October. Global goods trade grew for a seventh per tentative month, reporting a 1.per cent increase.
The Purchasing Managers Index (PMI) for global manufacturing output was above the t50 mark for November, indicating growth. However, the PMI for new export orders remained below the 50 mark, suggesting ongoing uncertainty and weakness in global trade.
US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.1 percentage points to 2.7 percent in November. In the same month, the inflation rate per cent EU increased by 0.2 percentage points to 2.5 per cent. China’s consumer inflation fell to 0.2 per cent in November, continuing concerns of an economic slowdown.
November Regional Performance
African airlines saw a 0.7 per cent year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4 per cent year-on-year.
Asia-Pacific airlines saw 13.2 percent year-on-year demand growth for air cargo in November the strongest growth among the regions. Capacity increased by 9.per centnt year-on-year.
North American carriers saw 6.9 percent year-on-year demand growth for air cargo in November centricity increased by 2.2 per cent year-on-year.
European carriers saw 5.6 per cent year-on-year demand growth for air cargo in November. Capacity increased 4.3 per cent year-on-year.
Middle Eastern carriers saw 3.6 per cent year-on-year demand growth for air cargo in November. Capacity decreased by 0.60.6ntt year-on-year.
Latin American carriers saw 11.6 per cent year-on-year demand growth for air cargo in November. Capacity increased6.4centtt year-on-year.
Trade Lane Growth: International routes experienced exceptional traffic levels for the 16th consecutive month with a 9. per cent year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
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