Global air cargo demand has risen to record high levels thanks to boost from Asia Pacific
Global air cargo demand witnessed record growth in 2024 says a report by the International Air Transport Association (IATA), a leading association grouping over 300 commercial airlines around the world.
In a press statement, IATA says that full-year demand for 2024, measured in cargo tonne-kilometres (CTK), increased 11.3 pc overall and 12.2 pc for international operations, compared to 2023. Full-year capacity in 2024, measured in available cargo tonne-kilometres (ACTK), increased by 7.4 pc compared to 2023 and 9.6 pc for international operations.
“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth. Demand, up 11.3 pc year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39 pc higher than 2019,” says Willie Walsh, Director General, IATA.
Willie Walsh
The statement adds that for 2025, IATA estimates growth to moderate to 5.8 pc, aligned with historical performance.
“Economic fundamentals point to another good year for air cargo with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo boosting inflation and deflating trade,” adds Walsh.
According to the statement, in terms of regional performance while Asia-Pacific airlines saw 14.5 pc year-on-year demand growth for air cargo in 2024, the strongest among the regions, North American carriers saw 6.6 pc year-on-year demand growth for air cargo in 2024, the lowest of all regions.
International routes experienced exceptional traffic levels for the 17th consecutive month with a 7 pc year-on-year increase in December. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping, adds the statement.
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