Market News

The International Air Transport Association (IATA) has released data for the full year 2024 and December 2024 global air cargo market performance showing an 11.3 per cent (12.2 per cent for international operations) increase in cargo demand compared to 2023 figures.

Full-year capacity in 2024, measured in available cargo tonne-kilometres (ACTK), increased by 7.4 per cent compared to 2023 (9.6 per cent for international operations).

Full-year yields averaged 1.6 per cent lower than 2023 but 39 per cent higher than in 2019.
December 2024 brought the year to a close with continued strong performance. Global demand was 6.1 per cent above December 2023 levels (7.0 per cent for international operations). Global capacity was 3.7 per cent above December 2023 levels (5.2 per cent for international operations). Cargo yields were 6.6 per cent higher than December 2023 (and 53.4 per cent higher than in December 2019). IATA’s Director-General, Willie Walsh, said air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before.

“Importantly, it was a year of profitable growth. Demand, up 11.3 per cent year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39 per cent higher than 2019,” Walsh said.

Asia-Pacific airlines saw 14.5 per cent year-on-year demand growth for air cargo in 2024, the strongest among the regions. Capacity increased by 11.3 per cent year-on-year. December year-on-year demand increased 8.4 per cent and capacity increased 6.3 per cent.

North American carriers saw 6.6 per cent year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4 per cent year-on-year. December year-on-year demand increased 5.3 per cent and capacity increased 2.1 per cent.

European carriers saw 11.2 per cent year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8 per cent year-on-year. December year-on-year demand increased 5.1 per cent and capacity increased 3.7 per cent.

Middle Eastern carriers saw 13 per cent year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5 per cent year-on-year. December year-on-year demand increased 3.3 per cent and capacity increased 0.2 per cent.

Latin American carriers saw 12.6 per cent year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9 per cent year-on-year. December year-on-year demand increased 10.9 per cent, the highest of all regions and capacity increased 8.4 per cent.

African airlines saw 8.5 per cent year-on-year demand growth for air cargo in 2024. Capacity increased by 13.6 per cent year-on-year. December year-on-year demand decreased by -0.9 per cent, the lowest of all regions and capacity increased 1.8 per cent.

Trade Lane Growth: International routes experienced exceptional traffic levels for the 17th consecutive month with a 7 per cent year-on-year increase in December. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping. Looking to 2025, IATA estimates growth to moderate to 5.8 per cent, aligned with historical performance.

“Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” said Walsh.