The International Air Transport Association (IATA) has announced a significant 9.8% increase in total cargo demand for October 2024, measured in cargo ton-kilometers (CTKs), compared to the same period in 2023. This marks the 15th consecutive month of growth for the air cargo sector.
Capacity, measured in available cargo ton-kilometers (ACTKs), saw a 5.9% rise compared to October 2023, with international operations experiencing a 7.2% increase. This growth was largely driven by an 8.5% boost in international belly capacity. Additionally, dedicated freighter capacity grew by 5.6%, marking the seventh consecutive month of growth and bringing volumes close to the peak levels seen in 2021.
“Air cargo markets continued their strong performance in October, with demand rising 9.8% year-on-year and capacity up 5.9%. Global air cargo yields, including surcharges, continue to rise, up 10.6% on 2023 and 49% on 2019 levels,” said Willie Walsh, IATA’s Director General.
While 2024 is shaping up to be a banner year for air cargo, Walsh urged caution for 2025. The incoming Trump Administration’s intention to impose significant tariffs on key trading partners—Canada, China, and Mexico—could disrupt global supply chains and undermine consumer confidence.
“The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds,” Walsh added.
IATA also highlighted that the global air cargo markets in September 2024 showed continued strong annual growth in demand. Total demand, measured in CTKs, rose by 9.4% compared to September 2023 levels, with international operations seeing a 10.5% increase, marking the 14th consecutive month of growth.
