Air Cargo Demand Skyrockets with 11.9%

Air Cargo Demand Skyrockets with an 11.9% Surge in February

The latest report from the International Air Transport Association (IATA) unveils a remarkable 11.9% leap in air cargo volumes for February, marking the third consecutive month of double-digit year-on-year growth. Amidst a backdrop of improving economic conditions globally, the surge in total air cargo demand reflects a stabilizing market landscape.

According to IATA, the increase, measured in cargo tonne-kilometers (CTKs), is complemented by a 13.4% rise in available cargo tonne-kilometers (ACTKs) compared to February 2023. This growth is attributed to the gradual restoration of belly capacity in the industry.

Despite the positive trend, the average load factor experienced a slight decline of 0.6 percentage points to 45.1%.

Willie Walsh, IATA’s director general, remarked, “February’s demand growth of 11.9% far surpassed the 0.9% expansion in cross-border trade, signaling a strong start for 2024.” He emphasized air cargo’s resilience amidst ongoing political and economic uncertainties, highlighting its critical role in global trade dynamics.

IATA also observed a surge in air cargo demand, fueled by robust international traffic, particularly driven by booming e-commerce. Additionally, the organization noted a growing interest in sea-air services due to ongoing capacity constraints in maritime shipping.

Despite some economic challenges, including a slight contraction in new export orders and concerns regarding the Red Sea Shipping Crisis, certain regions exhibited notable performance. African and Middle Eastern carriers emerged as strong performers, with significant year-on-year growth in air cargo volumes.

European carriers showcased robust growth, particularly in intra-European air cargo, while Latin American carriers also achieved substantial volume increases. However, Asia Pacific airlines experienced a slowdown in growth compared to January, attributed to post-Lunar New Year slowdowns.

From Alexander Paul’s perspective, Managing Director of Neutral Airfreight Consultants, the surge in air cargo demand underscores the resilience and adaptability of the industry. “We’re encouraged by the positive momentum in air cargo volumes,” stated Alexander Paul. “As the industry continues to navigate challenges, we remain committed to providing innovative solutions and unparalleled service to our clients, ensuring seamless cargo operations worldwide.”

With the air cargo industry playing an increasingly vital role in global supply chains, the latest growth figures signal promising opportunities for stakeholders across the sector.

Source: Air Cargo News