The International Air Transport Association (IATA) has released positive news for the air cargo industry, with their latest report indicating sustained growth in demand well into the second quarter (Q2) of 2024.
According to IATA, global air cargo demand, measured in cargo tonne-kilometers (CTKs), rose by 11.1% in April 2024 compared to the same period last year. This marks the fifth consecutive month of double-digit year-on-year growth, highlighting the ongoing strength of the air cargo sector.
“Air cargo demand started Q2 with a solid 11.1% increase,” said Willie Walsh, IATA’s Director General. “While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening.” [IATA press release, Air Cargo Demand Continues Strong Growth into Q2]
The report also highlights a positive shift in a key economic indicator – the Purchasing Managers Index (PMI). The PMI for global manufacturing output and new export orders climbed above 50 in April, signifying expansion for the first time this year. This positive development suggests a potential for continued robust demand in air cargo.
However, IATA acknowledges the presence of lingering economic uncertainties. Despite the positive PMI figures, capacity growth, measured in available cargo tonne-kilometers (ACTKs), did not quite match demand growth at 7.1% year-on-year. This indicates that cargo airlines are still playing catch-up to meet the current demand.
Overall, the IATA report paints a promising picture for the air cargo industry in 2024. The sustained demand growth, coupled with positive signs from the PMI, suggests a continuation of the strong performance observed in recent months.
