The International Air Transport Association’s (IATA’s) released data for June 2024, on the global air cargo market has shown strong annual growth in demand.
According to the data, African airlines saw 11.8 per cent year-on-year demand growth for air cargo in June largely due to the huge volume of trade between Africa, especially Nigeria, and the Asian countries.
IATA stated that demand on the Africa-Asia market increased by 37.5 per cent compared to June 2023; the strongest performance of all trade lanes. June’s capacity increased by 23.8 per cent year-on-year.
The June figure contributed to an exceptional first half-year performance for air cargo, with volumes exceeding those of 2022, 2023, and even the record-breaking 2021 level.
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Total demand, measured in cargo tonne-kilometres (CTKs), rose by 14.1 per cent compared to June, 2023, level (15.6 per cent for international operations). This is the seventh consecutive month of double-digit year-on-year growth.
Capacity, measured in available cargo tonne-kilometres (ACTKs), increased by 8.8 per cent compared to June, 2023 (10.8 per cent for international operations).
Total half-year (H1) demand increased by 13.4 per cent compared to H1 2023, by 4.3 per cent compared to H1 2022, and by 0.02 per dent compared to H1 2021.
IATA’s Director General, Willie Walsh, said, “Air cargo demand surged in June. Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs.
“Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers. Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024.”
The report further observed that in June, the Purchasing Managers Index (PMI) for global manufacturing output indicated expansion (52.3) while the new export orders PMI registered a small contraction, falling below the critical 50-point benchmark to 49.3.
Global cross-border trade expanded 0.1 per cent month-on-month in May while industrial production stayed level compared to the previous month.
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