The global air cargo industry is off to a flying start in 2024, with a staggering 18.4% surge in demand reported for January compared to the same period last year, according to the latest data released by the International Air Transport Association (IATA).
The report, which highlights the strongest annual growth in cargo tonne-kilometres since the summer of 2021, underscores a remarkable recovery in the air freight sector amidst evolving market dynamics.
The IATA’s director general, Willie Walsh, hailed the figures, stating: “Air cargo demand was up 18.4% year-on-year in January. This is a strong start to the year.” He attributed the robust growth partly to the flourishing e-commerce sector, which continues to outpace trade and production trends since late 2023.
However, amidst the optimistic outlook, concerns linger over China’s economic slowdown. As industry leaders prepare to convene in Hong Kong for the IATA World Cargo Symposium, discussions reportedly will centre on digitalisation, efficiency and sustainability to address these challenges.
The air cargo surge outpaced trade and production growth, reflecting a buoyant market environment. Notable highlights include a 1% increase in global cross-border trade in December and a resurgence in manufacturing output, with the Purchasing Managers’ Index (PMI) breaching the expansionary threshold for the first time in eight months.
Despite these positive indicators, concerns over global exports persist, as reflected in the new export orders PMI remaining below the critical 50 threshold in January.
Moreover, inflationary pressures in major economies exhibited mixed trends, with the US and EU witnessing a slight easing to 3.1% while Japan reported 2.1%. Conversely, China recorded its fourth consecutive month of deflation, raising apprehensions about economic deceleration.
Delving into regional performances, Asia-Pacific airlines led the charge with a remarkable 24.6% increase in air cargo volumes, buoyed by robust growth across major trade lanes.
North American carriers, while showing improvement with a 9.3% increase, lagged behind other regions. European carriers recorded a 16.4% surge, driven by substantial gains in intra-European and Europe-Asia routes.
Middle Eastern carriers emerged as frontrunners, posting a remarkable 25.9% year-on-year increase, fuelled by strong demand in the Middle East–Asia and Middle East–Europe markets.
Latin American and African carriers also reported notable gains, reflecting a broader global resurgence in air cargo demand.
Looking ahead, industry stakeholders report to remain cautiously optimistic, with the January figures setting a promising tone for the year ahead. However, challenges persist, necessitating collaborative efforts to navigate uncertainties and capitalise on emerging opportunities in the dynamic air cargo landscape.
The global air cargo sector’s robust performance underscores its resilience amidst evolving economic landscapes, offering a beacon of hope for the broader aviation industry in 2024.
