Air Cargo Demand Soars in July 2024, IATA Reports Strong Growth

The International Air Transport Association (IATA) has released data for the global air cargo markets for July 2024, showing continued strong annual demand growth.

Total demand, measured in cargo tonne-kilometers (CTKs), increased by 13.6 per cent compared to July 2023 (14.3 per cent for international traffic). This is the eighth consecutive month of double-digit year-over-year growth, with total levels reaching levels not seen since the record highs of 2021.

Capacity, as measured by available capacity tonne-kilometers (ACTKs), increased 8.3 percent year-over-year (10.1 percent for international operations). This was largely due to growth in international belly capacity, which increased 12.8 percent on the strength of passenger markets, offsetting the 6.9 percent increase in international freighter capacity.

The increase in belly capacity is the lowest in 40 months, while freighter capacity growth is the highest since an exceptional surge in January 2024.

Willie Walsh, IATA's Director General, said,

“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.”

News Source: Emirates News Agency