The International Air Transport Association (IATA) reported a robust 9.8 per cent year-on-year increase in global air cargo demand for October 2024, marking the 15th consecutive month of growth. International cargo operations led the way with a 10.3 per cent rise. Capacity grew by 5.9 per cent, driven by an 8.5 per cent surge in international belly capacity and a 5.6 per cent increase in dedicated freighter capacity, which has shown consistent growth over seven months.

“Air cargo markets continued their strong performance in October. Yields remain elevated, up 10.6 per cent compared to 2023 and 49 per cent above 2019 levels,” said Willie Walsh, IATA’s Director General.

Despite the current success, Walsh warned of potential challenges in 2025, including the impact of proposed tariffs by the incoming Trump administration on key trading partners. “The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners—Canada, China and Mexico—has the potential to upend global supply chains and undermine consumer confidence. The air cargo industry’s proven
adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the
Trump agenda unfolds,” adds Walsh.

Regional Performance

  • Asia-Pacific: 13.4 per cent growth in demand and a 9.3 per cent increase in capacity.
  • Latin America: Led globally with an 18.5 per cent increase in demand and 5.8 per cent growth in capacity.
  • North America: Saw 9.5 per cent growth in demand and 5.8 per cent in capacity.
  • Europe: Recorded a 7.6 per cent rise in demand and 3.9 per cent in capacity.
  • Middle East: Achieved a 4.5 per cent demand increase with a modest 0.8 per cent capacity growth.
  • Africa: Registered the slowest growth at 1.6 per cent in demand but the highest capacity increase at 7.7 per cent.

Trade Lane Growth

International routes reported a 10.3 per cent rise in traffic. Notable growth rates included:

  • Asia-Europe (+14.3%)
  • Middle East-Europe (+15.3%)
  • Within Asia (+15%)

Economic Indicators

October 2024 saw a rebound in global manufacturing, with the Purchasing Managers Index (PMI) indicating growth. However, persistent uncertainty in global trade was reflected in weaker new export orders. Inflation trends varied globally, with moderate increases in the US. and EU and a decline in China, raising concerns of economic slowdown.

IATA’s data highlights the resilience of the air cargo industry amidst dynamic economic and geopolitical landscapes, with 2024 shaping up to be a standout year.