The International Air Transport Association (IATA) reported a significant rise in global air cargo demand for July 2024, continuing a trend of robust year-over-year growth. According to the latest data, total air cargo demand, measured in cargo tonne-kilometers (CTKs), surged by 13.6% compared to the same period in 2023. This marks the eighth consecutive month of double-digit annual growth, with demand levels approaching the record highs last seen in 2021.
International traffic played a crucial role in this surge, with a 14.3% increase in demand. Capacity, measured in available capacity tonne-kilometers (ACTKs), also saw an increase, rising by 8.3% year-over-year. Notably, international operations experienced a 10.1% boost in capacity, primarily driven by a 12.8% increase in belly capacity linked to the recovery of passenger markets. This growth helped offset a 6.9% rise in international freighter capacity.
Despite these gains, the 12.8% increase in belly capacity marked the lowest in 40 months, while freighter capacity growth reached its highest point since a significant surge in January 2024. This disparity underscores the ongoing adjustments within the air cargo sector as it responds to shifting market dynamics.
Willie Walsh, Director General of IATA, highlighted the resilience of the air cargo industry, noting the strong demand growth across all regions. “Air cargo demand hit record highs year-to-date in July, supported by global trade, booming e-commerce, and capacity constraints on maritime shipping,” Walsh stated.
He also emphasized that with the peak season approaching, 2024 is shaping up to be a robust year for air cargo, with airlines demonstrating flexibility in navigating political and economic challenges. The continued expansion of air cargo demand signals a strong performance for the sector as it capitalizes on global trade trends and adapts to evolving market conditions.