Europe–Middle East routes saw demand increase by 30.1 pc
Global air cargo markets are showing strong annual growth in demand into the second quarter, says the International Air Transport Association (IATA) in its data for April 2024.
According to a press statement by IATA, total demand, measured in cargo tonne-kilometres (CTKs), has risen by 11.1 pc compared to April 2023 levels with 11.6 pc for international operations. IATA says this is the fifth consecutive month of double-digit year-on-year growth.
The statement adds that capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 7.1 pc compared to April 2023 and 10.2 pc for international operations.
Willie Walsh
“Air cargo demand started Q2 with a solid 11.1 pc increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust,” says Willie Walsh, Director General, IATA.
IATA says there are several factors in the operating environment. In April, the PMIs for global manufacturing output and new export orders turned positive at 51.5 and 50.5 respectively. This is the first time in two years that the new export orders PMI has been in growth territory.
The statement adds that industrial production increased by 1.6 pc in March year-on-year, while global cross-border trade contracted by 0.8 pc.
IATA says inflation remained relatively stable across the United States, European Union and Japan in April with rates at 3.4 pc, 2.6 pc and 2.5 pc, respectively. China reported a 0.2 pc increase in consumer prices year-on-year, a positive signal amid concerns over China’s economic slowdown.
The statement adds that Asia-Pacific airlines saw 14 pc year-on-year demand growth for air cargo in April, the strongest of all regions. Demand within the Asia market grew by 13.2 pc compared to April 2023, and the Asia-Europe route grew by 17.7 pc.
The Middle East-Asia route rose by 10.4 pc, 9.5 percentage points (ppt) less than the growth recorded in March. Capacity increased by 7.8 pc year-on-year.
The statement adds that North American carriers saw 7 pc year-on-year demand growth for air cargo in April, the weakest among all regions. Demand on the Asia-North America trade lane grew by 7.3 pc year-on-year, while the North America-Europe route saw an increase of 5.6 pc, marking the largest demand growth for this route since September 2022. April capacity increased by 4.0 pc year-on-year.
IATA says that European carriers saw 12.7 pc year-on-year demand growth for air cargo in April. Intra-European air cargo rose by 34.4 pc compared to April 2023, reflecting the highest annual growth in over a decade and a jump of 8.1 ppt compared to the month before.
The statement adds that Europe–Middle East routes saw demand increase by 30.1 pc, experiencing a drop of 8.5 ppt compared to the previous month’s figure. April capacity increased 10.3 pc year-on-year.
Middle Eastern carriers saw 9.4 pc year-on-year demand growth for air cargo in April. The Middle East–Europe market performed particularly well with 30.1 pc annual growth, ahead of Middle East-Asia which grew by 10.4 pc year-on-year. April capacity increased 5.7 pc year-on-year.
The statement adds that Latin American carriers saw 11.7 pc year-on-year demand growth for air cargo in April. Capacity increased 9.8 pc year-on-year.
African airlines saw 10.6 pc year-on-year demand growth for air cargo in April. Demand on the Africa–Asia market increased by 25.8 pc compared to April 2023. April capacity increased by 18.7 pc year-on-year.
