The demand for air cargo is expected to grow significantly globally through July 2024, according to the International Air Transport Association (IATA).
Cargo tonne-kilometres (CTKs) increased by 13.6% in July 2023 over the previous month, which is the eighth consecutive month of double-digit growth in comparison to the previous year. The levels are almost at the 2021 record highs thanks to this surge.
Available cargo tonne-kilometres (ACTKs), a measure of capacity, rose by 8.3%. This growth was primarily attributable to a 12.8% increase in international belly capacity and a 6.9% increase in freighter capacity.
Notably, freighter capacity increased at its fastest rate since January 2024, while belly capacity increased at its slowest rate in 40 months.
“Air cargo demand hit record highs year-to-date in July with strong growth across all regions. The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping. With the peak season still to come, it is shaping to be a very strong year for air cargo. And airlines have proven adept at navigating political and economic uncertainties to flexibly meet emerging demand trends,” Willie Walsh, IATA’s director general said, as reported by Zawya.
The demand growth for air cargo by African airlines in July was 62.2% year over year, the lowest growth rate of any region and the lowest since 2024. In the Africa-Asia market, demand climbed by 15.4% from July 2023 to this July.
Capacity rose by 10.5% in July compared to the same month last year. The demand for air cargo increased by 17% year over year in July, with Asia-Pacific airlines recording the highest growth of any region.
The demand for the Asia-Africa, Europe-Asia, and Middle East-Asia trade lanes increased by 17.9%, 15.9%, and 15.4%, respectively, while the demand for the Within-Asia trade lane increased by 19.8% year over year. The year-over-year increase in capacity was 11.3%.