MENA Newswire News Desk: The International Air Transport Association (IATA) reported a significant 9.4% growth in global air cargo demand for September 2024 compared to the same month last year, marking a sustained trend of strong annual increases in the sector. This growth metric, which is based on cargo tonne-kilometres (CTKs), reflects IATA’s ongoing assessment of global air cargo markets and highlights robust performance across international operations, where demand rose by an even more notable 10.5%.
The data underscores the sector’s continuous expansion, marking the 14th month of consecutive demand growth. IATA attributes this steady upward trend to various factors, including the ongoing rise in belly capacity – cargo space in passenger aircraft—driven by the resurgence of international flights. This segment of capacity saw a 10.3% increase year-on-year, supporting overall capacity growth of 6.4% compared to September 2023, and 8.1% specifically for international operations.
The growth in belly capacity has maintained double-digit annual increases for 41 consecutive months, demonstrating the vital role of passenger flights in meeting cargo demand amid strong global trade activity. IATA Director-General Willie Walsh commented on the positive trajectory, noting that the “September performance brought continued good news for air cargo markets.”
Walsh highlighted that air cargo volumes reached all-time highs, reflecting a period of buoyant demand and signaling a potentially strong finish for the year. He also pointed to rising yields in the sector, which saw a substantial increase of 11.7% in 2023 and now sit 50% above pre-pandemic levels in 2019. These gains in yield represent a profitable environment for cargo operators as they navigate current market conditions.
IATA’s data also suggests resilience in the face of economic fluctuations, as air cargo continues to adapt to shifts in global supply chains and e-commerce demands. Despite various economic headwinds, the sector’s overall demand growth remains robust, supporting international trade and supply networks. Increased capacity, driven primarily by international belly cargo space, has also allowed airlines to meet demand effectively, ensuring timely deliveries of goods and supporting the global economy.
This report follows a similar pattern of growth observed in previous months, where international air cargo has shown resilience against external pressures. Airlines have leveraged this demand environment to expand cargo capacity while managing yield improvements, setting up strong fiscal outcomes for the industry.
With continued growth in both demand and capacity, the air cargo sector appears set to conclude 2024 on a high note, buoyed by increased international operations and an expanding global trade landscape. The positive trajectory highlighted by IATA reflects both operational agility within the industry and a stable demand environment heading into the last quarter of the year.