Air Cargo Demand Soars 11.3 Pct In 2024, Surpassing 2021 Record -- IATA

KUALA LUMPUR, Jan 29 (Bernama) -- Global air cargo markets made significant strides last year, with demand rising 11.3 per cent in cargo tonne-kilometres (CTK) compared to 2023, surpassing the record volumes set in 2021, according to the International Air Transport Association (IATA).

This marked a new historical peak, exceeding 2021 levels by 0.5 per cent, previously the highest on record.

IATA’s Director General, Willie Walsh, described air cargo as the standout performer of 2024, with airlines transporting more 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 that 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 the peaks of 2021-2022, they averaged 39 per cent higher than in 2019,” he said in a statement.

Despite complex challenges, the industry ended the year on a high note, with strong momentum moving forward.

“The Asia-Pacific region remained the driving force behind the industry's annual CTK growth, contributing 46.6 per cent. However, this figure represents a 4.9 percentage point decline from the same period in 2023,” he said.

For the full year, capacity in 2024, measured in available cargo tonne-kilometres, rose by 7.4 per cent compared to 2023, with international operations seeing a 9.6 per cent increase.

Looking ahead to 2025, Walsh said IATA expects growth to moderate to 5.8 per cent, in line with historical trends.

“Economic fundamentals point to another strong year for air cargo, with oil prices on a downward trajectory and trade continuing to grow. However, there is no doubt that the air cargo industry will face challenges in adapting to unfolding geopolitical shifts.

“The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool, which could have a double whammy effect on air cargo—boosting inflation and deflating trade,” Walsh added.

-- BERNAMA