Air cargo transportation grows for the third consecutive month

Air cargo transportation grows 11.9% for the third consecutive month

Global air cargo markets show continued strong annual growth in demand.

This was detailed by the International Air Transport Association (IATA) in its most recent report, corresponding to February 2024.

Total demand, measured in freight tonne kilometers (CTK*), increased by 11.9% compared to February 2023 levels (12.4% for international operations).

This is the third consecutive month of double-digit year-on-year demand growth.

Capacity, measured in available cargo tonne kilometers (ACTK), increased by 13.4% compared to February 2023 (16% for international operations).

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According to IAT data, this was largely related to the increase in international warehouse capacity that accompanied the growth of passenger markets (29.5% year-on-year increase).

Strong start to 2024 could see demand surpass exceptionally high levels in early 2022, it added.

IATA asserted that several factors must be taken into account in the operating environment:

Global cross-border trade increased 0.9% in January.
In February, the manufacturing purchasing managers’ index (PMI) rose to 51.2, indicating expansion.
February year-on-year inflation fell to 2.8% in the European Union, while it rose to 2.8% and 3.2% in Japan and the United States, respectively.