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Global Air cargo demand up 18% in January: IATA

March 7, 2024
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London - Global air cargo demand kicked off with an impressive 18 percent year-on-year (YoY) growth in January 2024 according to the latest data from the International Air Transport Association (IATA).

The industry therefore experienced the highest annual growth in cargo tonne-kilometers (CTK) since the 2021 summer season. Seasonally adjusted (SA) CTKs grew 3 percent month-on-month (MoM).

Meanwhile, African airlines saw their air cargo volumes increase by 17 percent in January 2024, much improved compared to December’s performance (-1.2 percent). Carriers in the region benefitted from strong growth on the Africa-Asia trade lane. Capacity in January was 19 percent above January 2023 levels.

“Total demand, measured in cargo tonne-kilometers (CTKs*), increased by 18 percent compared to January 2023 levels (20 percent for international operations). This significant upturn marks the highest annual growth in cargo tonne-kilometers (CTKs) since the summer season of 2021,” reads the release.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 15 percent compared to January 2023 (18 percent for international operations). This was largely related to the growth in belly capacity. International belly capacity rose 26 percent year-on-year (YoY) on the strength of passenger markets.

“Air cargo demand was up 18 percent year-on-year in January. This is a strong start to the year. In particular, the booming e-commerce sector is continuing to help air cargo demand to trend above growth in both trade and production since the last quarter of 2023. The counterweight to this good news is uncertainty over how China’s economic slowdown will unfold. This will be on the minds of air cargo executives meeting in Hong Kong next week for the IATA World Cargo Symposium with an agenda focused on digitalization, efficiency and sustainability,” said Willie Walsh, IATA’s Director General.

Disclaimer: This information has been collected through secondary research and Daily Shipping Times is not responsible for any errors in the same.

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