IATA’s full 2024 data shows African carriers record 8.5% growth

The International Air Transport Association (IATA) has released data for the full year 2024 and December 2024 global air cargo market performance, showing global air cargo demand recording growth within the period under review.

Regional performance during the year saw African airlines recording 8.5% year-on-year demand growth for air cargo while capacity increased by 13.6% year-on-year. In the month of December, year-on-year demand decreased by -0.9%, representing the lowest of all regions, while capacity increased by 1.8%.

According to the released data, full-year demand for 2024, measured in cargo tonne-kilometres (CTK), increased 11.3% (12.2% for international operations) compared to 2023, with full-year 2024 demand exceeding the record volumes set in 2021. Full-year capacity in the past year, measured in available cargo tonne-kilometres (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations). Full-year yields averaged 1.6% lower than 2023 but 39% higher than in 2019.

According to IATA, December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7.0% for international operations). Global capacity was 3.7% above December 2023 levels (5.2% for international operations). Cargo yields were 6.6% higher than December 2023 (and 53.4% higher than in December 2019).

In his comment, Willie Walsh, IATA’s Director General, declared: “Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions, which 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 peaks in 2021-2022, they averaged 39% higher than 2019.”

However, looking to 2025, IATA predicts growth to moderate to 5.8%, aligned with historical performance. “Economic fundamentals point to another good year for air cargo, with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo by boosting inflation and deflating trade,” Walsh added.

Among the several factors in the operating environment to be noted, according to IATA, include global trade in goods, which grew by 3.6% annually in 2024. In December, both the manufacturing output Purchasing Managers Index (PMI) (49.2) and new export orders PMI (48.2) were below the critical threshold represented by the 50 mark, indicating a decline in global manufacturing production and exports.

US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.2 percentage points to 2.9% in December. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.7%. China’s consumer inflation fell by 0.1 percentage points to 0.1% in December, marking the fourth consecutive year-on-year decline and reinforcing concerns about an economic slowdown.

Under the regional performance, Asia-Pacific airlines saw 14.5% year-on-year demand growth for air cargo in 2024, the strongest among the regions. Capacity increased by 11.3% year-on-year. December year-on-year demand increased 8.4% and capacity increased 6.3%.

North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased 5.3% and capacity increased 2.1%.

European carriers saw 11.2% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.8% year-on-year. December year-on-year demand increased 5.1% and capacity increased 3.7%.

Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased 3.3% and capacity increased 0.2%.

Latin American carriers saw 12.6% year-on-year demand growth for air cargo in 2024. Capacity increased by 7.9% year-on-year. December year-on-year demand increased 10.9%, the highest of all regions, and capacity increased 8.4%.

According to the trade lane growth, international routes experienced exceptional traffic levels for the 17th consecutive month with a 7% year-on-year increase in December. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.

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