The International Air Transport Association (IATA) has published data for the global air cargo markets for July 2024, highlighting ongoing robust annual demand growth.
Total demand, measured in cargo ton-kilometers (CTKs), increased by 13.6 percent compared to July 2023, while international traffic grew by 14.3 percent. This represents the eighth consecutive month of double-digit year-over-year growth, with total levels hitting heights not observed since the record highs of 2021.
Capacity, indicated by available capacity ton-kilometers (ACTKs), increased by 8.3 percent year-over-year, with international operations seeing a 10.1 percent rise. This growth was largely driven by a 12.8 percent increase in international belly capacity, supported by the passenger markets, which offset a 6.9 percent rise in international freighter capacity.
The increase in belly capacity is the smallest in 40 months, while the growth in freighter capacity represents the highest level since a remarkable surge in January 2024.
Willie Walsh, director general of IATA, noted that air cargo demand reached record highs year-to-date in July, with robust growth across all regions. He mentioned that the air cargo sector continues to thrive due to increasing global trade, a surge in e-commerce, and capacity limitations in maritime shipping. He also indicated that with the peak season approaching, the year is expected to be very strong for air cargo. Additionally, he highlighted that airlines have demonstrated their ability to adapt to political and economic uncertainties, allowing them to effectively respond to evolving demand trends.
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