AUGUST was the ninth consecutive month of double-digit year-on-year growth for the global air cargo market boosted by global trade growth, e-commerce demand and ocean shipping constraints.
Total demand, measured in cargo tonne-kilometres (CTKs), rose by 11.4 per cent compared to August 2023 levels, said IATA.
Capacity, measured in available cargo tonne- kilometres (ACTKs), increased by 6.2 per cent compared to August 2023. This was largely due to a 10.9 per cent growth in international belly capacity. Industry-wide capacity has reached an all-time high, noted the trade body.
And the cargo load factor was up two percentage points to 44 per cent, according to London's Air Cargo News.
Despite global record capacity and falling fuel prices, the global air cargo yield maintains a moderate upward trend.
'We continue to see very good news in air cargo markets,' said Willie Walsh, IATA's director general.'The sector recorded a second consecutive month of record high demand year to date. Even with record levels of capacity, yields are up 11.7 per cent on 2023, 2 per cent on the previous month, and 46 per cent above pre-pandemic levels.
'This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping.'
Regionally, Asia Pacific continued to see strong demand. Asia Pacific airlines saw 14.6 per cent year-on-year demand growth for air cargo in August. Demand on the Asia-Africa, Asia-Europe and within-Asia markets grew by 21.2 per cent, 18.4 per cent and 16.1 per cent respectively.
North American carriers saw 4.8 per cent growth - the lowest of all regions. Although demand on the Asia-North America trade lane grew by 9.3 per cent year on year.
European carriers saw 13.5 per cent growth. The Middle East-Europe trade lane was 28.9 per cent, maintaining double-digit annual growth that originated in September 2023.
Middle Eastern carriers saw 13.5 per cent year-on-year demand growth for air cargo in August. As previously noted, the Middle East-Europe market performed particularly well.
Latin American carriers saw 14.2 per cent growth and African airlines saw 7.5 per cent growth. Demand on the Africa-Asia market increased by 21.1 per cent, continuing double-digit growth that began in the second half of 2023.
SeaNews Turkey
Total demand, measured in cargo tonne-kilometres (CTKs), rose by 11.4 per cent compared to August 2023 levels, said IATA.
Capacity, measured in available cargo tonne- kilometres (ACTKs), increased by 6.2 per cent compared to August 2023. This was largely due to a 10.9 per cent growth in international belly capacity. Industry-wide capacity has reached an all-time high, noted the trade body.
And the cargo load factor was up two percentage points to 44 per cent, according to London's Air Cargo News.
Despite global record capacity and falling fuel prices, the global air cargo yield maintains a moderate upward trend.
'We continue to see very good news in air cargo markets,' said Willie Walsh, IATA's director general.'The sector recorded a second consecutive month of record high demand year to date. Even with record levels of capacity, yields are up 11.7 per cent on 2023, 2 per cent on the previous month, and 46 per cent above pre-pandemic levels.
'This strong performance is underpinned by slow but steady growth in global trade, booming e-commerce, and continuing capacity constraints on maritime shipping.'
Regionally, Asia Pacific continued to see strong demand. Asia Pacific airlines saw 14.6 per cent year-on-year demand growth for air cargo in August. Demand on the Asia-Africa, Asia-Europe and within-Asia markets grew by 21.2 per cent, 18.4 per cent and 16.1 per cent respectively.
North American carriers saw 4.8 per cent growth - the lowest of all regions. Although demand on the Asia-North America trade lane grew by 9.3 per cent year on year.
European carriers saw 13.5 per cent growth. The Middle East-Europe trade lane was 28.9 per cent, maintaining double-digit annual growth that originated in September 2023.
Middle Eastern carriers saw 13.5 per cent year-on-year demand growth for air cargo in August. As previously noted, the Middle East-Europe market performed particularly well.
Latin American carriers saw 14.2 per cent growth and African airlines saw 7.5 per cent growth. Demand on the Africa-Asia market increased by 21.1 per cent, continuing double-digit growth that began in the second half of 2023.
SeaNews Turkey