Air cargo volumes set new record in 2024, rose by 11.3% over 2023 says IATA
The International Air Transport Association (IATA) announced on Wednesday, January 29. 2025, that full-year global air cargo demand for 2024 (measured in cargo tonne-kilometers, or CTKs), increased by 11.3% compared to 2023, with international air freight volumes increasing by an even greater margin at 12.2%. These rises set new records for the air cargo industry which has been through turbulent times both before, during, and since the COVID-19 pandemic.
In addition to total cargo volumes flown, air cargo capacity also increased year-on-year, indicating that airlines are increasing the amount of air cargo capacity being offered in the marketplace. According to the latest air cargo report published by IATA, “Full-year capacity in 2024, measured in available cargo tonne-kilometers (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations).
However, with global air cargo capacity increasing, this did have a downward effect on air cargo yields, dropping on average 1.6 percentage points lower than in 2023, although this figure remains a significant 39% percent higher than those seen in 2019. For the month of December 2024, demand increased 6.1% year-on-year (7% for international operations), capacity was 3.7% higher (5.2% for international operations) and yields were up 6.6% (53.4% higher than in December 2019), the update added.
Duc Huy Nguyen
/ Shutterstock“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before,” says Willie Walsh, Director General of IATA. “Importantly, it was a year of profitable growth. Demand, up 11.3% 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.”
Regional breakdown
Asia-Pacific airlines saw 14.5% year-on-year demand growth for air cargo in 2024, the strongest among the regions. Capacity increased by 11.3% year-on-year. December year-on-year demand increased 8.4% and capacity increased 6.3%. North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased by 5.3% and capacity increased by 2.1%.
European carriers saw 11.2% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8% year-on-year. December year-on-year demand increased by 5.1% and capacity increased by 3.7%. Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased by 3.3% and capacity increased by 0.2%.
Markus Mainka / ShutterstockLatin American carriers saw 12.6% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9% year-on-year. December year-on-year demand increased by 10.9%, the highest of all regions and capacity increased by 8.4%. African airlines saw 8.5% year-on-year demand growth for air cargo in 2024. Capacity increased by 13.6% year-on-year. December year-on-year demand decreased by -0.9%, the lowest of all regions and capacity increased by 1.8%.
In terms of trade lane growth, international routes experienced exceptional traffic levels for the 17th consecutive month in December 2024 with a 7% year-on-year increase Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
Outlook for 2025
Looking ahead, IATA estimates growth to moderate to 5.8% in 2025, aligned with historical performances in the sector. “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 report stated.
“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,” added Walsh.
RELATED
Emirates SkyCargo adds two Boeing 747 freighters to meet rising demand
The post Air cargo volumes set new record in 2024, rose by 11.3% over 2023 says IATA appeared first on AeroTime.
The International Air Transport Association (IATA) announced on Wednesday, January 29. 2025, that full-year global air cargo demand…
The post Air cargo volumes set new record in 2024, rose by 11.3% over 2023 says IATA appeared first on AeroTime.
