12 March 2024
Canadian Custom Brokerage

Global air cargo demand was up 18.4 percent in January

According to data for the month of January released by the International Air Transport Association (IATA) global air cargo markets indicating a strong start to 2024.

Total demand, measured in cargo tonne-kilometers (CTKs), increased by 18.4% in January, compared to January 2023 levels (19.8% for international operations). This significant upturn marks the highest annual growth in CTKs since the summer season of 2021.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 14.6% compared to January 2023 (18.2% for international operations). This was largely related to the growth in belly capacity. International belly capacity rose 25.8% year-on-year (YoY) on the strength of passenger markets.

Asia-Pacific airlines saw their air cargo volumes increase by 24.6% in January 2024 compared to the same month in 2023.

North American carriers had the weakest performance of all regions in January with a 9.3% increase (YoY) in cargo volumes. This was an improvement in performance compared to December (2.0%).

European carriers saw their air cargo volumes increase by 16.4% in January, while Middle Eastern carriers had the strongest performance in January 2024, with a 25.9% year-on-year increase in cargo volumes.

Latin American carriers experienced a 13.4% increase in cargo volumes compared to January 2023 and African airlines saw their air cargo volumes increase by 17.0% in January 2024, much improved compared to December’s performance (-1.2%).

Source: IATA

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