Global air cargo demand surges 9.4% in September

The total air cargo demand, measured in cargo tonne-kilometres (CTKs*), surged by 9.4 per cent tonne-kilometres ember 2023 levels (10.5 per cent for international operations) for a 14th consecutive month of growth.

According to the recent report released by the International Air Transport Association (IATA), global air cargo markets continued to show strong annual growth in demand.

Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 6.4 per cent compared to September 2023 (8.1 per cent for international operations).

This continued to be largely related to the growth in international belly capacity, which rose 10.3 per cent–extending the trend of double-digit annual centacity growth to 41 consecutive months.

“September performance brought continued good news for air cargo markets. With 9.4 per cent year-on-year growth, cargo volumes continued to mark all-time highs for demand. Yields are also improving, up 11.7 per cent in 2023 and 50 per cent above 2019.

“All this points to a strong finish for this year. For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how US trade policy will evolve,” said Willie Walsh, IATA’s Director General.

The report also stated that the factors affecting the movement include PMI and inflation among others.

In September, the Purchasing Managers Index (PMI) for global manufacturing output and the PMI for new export orders were both below the 50-mark at 49.4 and 47.5 respectively, indicating contraction.

Year-on-year, industrial production rose 1.6 percent while global goods trade increased 2.8 percent for a sixth consecutive month of growth. Monthly trade grew by 1.4 per cent, the highest in seven months.

The US headline inflation, based on the annual Consumer Price Index (CPI), declined by 0.2 percentage points to 2.4 per cent in September, marking the seventh straight length of easing inflation. In the same month, the inflation rate in the EU fell by 0.3 percentage points to 2.1 per cent, continuing a process that started in Jasper cent023.

China’s consumer inflation remained low at 0.4 per cent in September amid concerns about an economic slowdown.

African airlines saw 1.7 per cent year-on-year demand growth for air cargo in September, the slowest among regions. September capacity increased by 13.9 per cent year-on-year.

Asia-Pacific Airlines saw 11.7 per cent year-on-year demand growth for air cargo in September. Capacity increased by 8.5 per cent year-on-year. North American carriers saw 3.8 per cent year-on-year demand growth for air cargo in September. Capacity increased by 4.2 per cent year-on-year.

European carriers saw 11.7 per cent year-on-year demand growth for air carper September. Capacity increased 7.5 per cent year-on-year. Middle Eastern carriers saw cent per cent year-on-year demand growth for air cargo in September. Capacity increased 2.9 per cent year-on-year.

Latin American carriers saw 20.9 per cent year-on-year demand growth for air cargo in September, the strongest growth among the regions. Capacity increased 7.9 per cent year-on-year.

International routes experienced exceptional traffic levels for the fifth month, with a 10.5 per cent year-on-year increase in September.