The International Air Transport Association (IATA) has released data for global air cargo markets for January 2025, showing:
- Total demand, measured in cargo tonne-kilometers (CTK), increased 3,2% compared to January 2024 levels (3,6% for international operations) for the 18th consecutive month of growth.
- Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 6,8% compared to January 2024 (7,3% for international operations).
“January marked 18 consecutive months of growth for air cargo, but the month’s 3,2% year-on-year growth is a moderation from double-digit peaks in 2024. Similarly, yields, while still above January 2024 levels, declined 9,9% from December as load factors also fell by an average of 1,5 percentage points. While external factors such as trade growth, lower fuel costs and the expansion of e-commerce remain positive for air cargo, it is important to closely monitor how market conditions evolve at this time. In particular, the wildcard is the potential for tariff-driven trade policies from the US Trump istration. Fortunately, the air cargo industry is well-versed in dealing with changes in the operating environment,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment must be observed:
- Year-over-year, industrial production increased 2,6% in December. Global merchandise trade grew for the ninth consecutive month, reporting a 3,3% increase in December.
- The Purchasing Managers’ Index (PMI) for global industrial production rose above the 50 mark in January, indicating growth. At 50,62, this was the highest reading since July 2024. The PMI for new export orders rose to 49,37, remaining just below the 50 mark, which is the threshold for growth.
- In January, consumer inflation in the US and Europe rose 0,1 percentage point to 3,0% and 2,8%, respectively. Chinese consumer inflation rebounded to 0,5% in January after falling steadily to 0,1% in the previous four months.
Regional performance in January
Asia-Pacific airlines saw annual air cargo demand grow 7,5 percent in January. Capacity increased 10,9 percent year-on-year.
U.S. carriers saw annual air cargo demand grow 5,3 percent in January. Capacity increased 7,5 percent year-over-year.
European carriers saw annual air cargo demand grow 1,3% in January. Capacity increased 3,5% year-on-year.
Middle Eastern carriers saw an 8,4% annual decline in air cargo demand in January, the slowest among regions. Capacity fell 1,2% year-on-year.
Latin American carriers saw an 11,2% increase in annual air cargo demand in January, the strongest growth among regions. Capacity increased 10,6% year-on-year.
African airlines saw air cargo demand fall 3,4% year-on-year in January. Capacity increased 5,4% year-on-year.
Trade Route Growth: Most international routes saw growth in January. Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity constraints in shipping.
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