- International Air Transport Association (IATA) released the results of the global air cargo transport markets for February 2024, which indicate strong growth and continued strong annual demand growth. Total demand, measured in freight tonne kilometers (CTKs*), increased by 11,9% compared to February 2023 levels (12,4% in international operations). This is the third consecutive month of double-digit growth in demand compared to the previous year.
- Capacity, measured in available cargo tons per kilometer (ACTKs), increased by 13,4% compared to February 2023 (16,0% in international operations). This is largely due to the increase in cargo transport capacity on enger aircraft (29,5% growth compared to the previous year), which was well above international freighter capacity (3,2% increase compared to the previous year).
“February’s 11,9% growth in demand was significantly greater than the 0,9% increase in international trade. This strong start to 2024 could see demand exceed exceptionally high levels in early 2022 and shows the strong resilience of air cargo considering ongoing economic and political uncertainties,” said Willie Walsh, IATA Director General.
Several factors in the operating environment should be highlighted:
- Global international trade increased by 0,9% in January.
- In February, the manufacturing PMI index rose to 51,2, indicating expansion. The new export orders PMI rose to 49,4, remaining just below the critical threshold of 50 that would indicate growth.
February 2024 inflation compared to the same period the previous year fell to 2,8% in the European Union, and rose to 2,8% and 3,2% in Japan and the United States, respectively. After four months of deflation, China showed a 0,7% increase in inflation compared to the same period of the previous year, good news in the context of concerns about the country's economic slowdown.
Performance by region in February dand 2024
Airlines in the Asia-Pacific region reported an 11,9% increase in demand for air cargo in February 2024 compared to the same month in 2023. This result represented a significant drop compared to the 24,3% growth recorded in January, likely related to the slowdown following Lunar New Year celebrations. Capacity increased 23,1% year-on-year with increased cargo carrying capacity on enger aircraft.
North America carriers showed 4,2% growth in demand for air cargo in February 2024 compared to the same period in 2023 – the weakest among all regions. Demand on the North America-Europe trade route grew 5,2% and the Asia-North America route grew 3,9% compared to February 2023. February capacity increased 1,9% compared to February 2023
Europe's carriers recorded a 14,6% increase in demand for air cargo in February 2024 versus February 2023. Air cargo between destinations in Europe increased 24,5% year-on-year – the best performance in almost three years. The Europe–Middle East routes recorded an increase of 39,3%, while the Europe–North America route grew 5,2% in demand compared to the previous year. February capacity increased 13,2% compared to February 2023.
The Middle East Carriers showed a 20,9% increase in demand for air cargo in February 2024 versus February 2023. The Middle East-Europe route presented the best performance, with growth of 39,3%, well above the Middle East-Asia route, which rose 21,9% compared to the previous year. February capacity increased 16,2% compared to February 2023.
Carriers in Latin America recorded a 13,7% increase in air cargo demand in February 2024 compared to February 2023. Capacity increased 8,9% in February 2024 compared to the same month in 2023.
African airlines presented 22,0% increase in air cargo demand in February 2024 compared to February 2023 – the best among all regions. The commercial route between destinations in Africa grew by 42,3% compared to February 2023. Capacity increased by 28,2% in February 2024 compared to the same month in 2023.
February 2024 Air Cargo Markets Analysis
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