The International Air Transport Association (IATA) has reported a 9.8% year-on-year increase in global air cargo demand for October 2024, marking the 15th consecutive month of growth. However, African airlines recorded the slowest regional growth, with demand rising by just 1.6% year-on-year despite a significant 7.7% increase in capacity. While this result reflects ongoing challenges for the region’s carriers, it underscores the need for stronger infrastructure, trade facilitation, and market access to improve competitiveness in global air cargo markets.
Despite Africa’s sluggish performance, the global air cargo sector continued to show resilience. Total demand, measured in cargo tonne-kilometers (CTKs), climbed 9.8% compared to October 2023, with international operations rising 10.3%. Capacity, measured in available cargo tonne-kilometers (ACTKs), grew 5.9%, driven largely by an 8.5% increase in international belly capacity as passenger operations continued to recover. Dedicated freighter capacity also expanded by 5.6%, marking its seventh consecutive month of growth and bringing volumes close to 2021 peak levels.
Willie Walsh, IATA’s Director General, attributed the strong growth to market momentum but expressed caution about 2025. He stated, “Air cargo markets continued their strong performance in October, with demand up 9.8% and capacity up 5.9%. Global yields are rising sharply, up 10.6% on 2023 and 49% above 2019 levels. However, the incoming Trump administration’s announced tariffs on Canada, China, and Mexico could disrupt global supply chains and weaken consumer confidence. The air cargo sector’s adaptability will be tested as these policies unfold.”
On the global front, air cargo growth was buoyed by strong performance in Latin America, which led all regions with an 18.5% increase in demand. Asia-Pacific carriers also recorded robust gains at 13.4%, while North America and Europe posted steady year-on-year growth of 9.5% and 7.6%, respectively. The Middle East saw moderate demand growth of 4.5%, while Africa’s results lagged behind.
Supporting this growth were improving global economic indicators. Industrial production rose 1.6% year-on-year in September, while global goods trade expanded 2.4%, marking six consecutive months of growth. October also saw a rebound in global manufacturing output, with the Purchasing Managers Index (PMI) surpassing the 50-mark, signaling growth. However, export orders remained weak, indicating lingering uncertainty in global trade.
Air cargo demand also benefited from surging e-commerce activity, particularly in the US and Europe, as ocean shipping capacity remained constrained. International routes maintained exceptional traffic levels for the fifth consecutive month, with demand rising 10.3% year-on-year.
As 2024 shapes up to be a strong year for air cargo, the industry remains focused on adapting to geopolitical and economic challenges while capitalizing on sustained demand for global trade and logistics solutions. Africa, while lagging behind, presents significant growth opportunities with the right investments in infrastructure, connectivity, and market reforms.
