The International Air Transport Association (IATA) has released its January 2025 data on global air cargo markets, highlighting a continued positive trajectory for the sector. Key figures include:
Total demand, measured in cargo tonne-kilometers (CTK), rose by 3.2% compared to January 2024, marking the 18th consecutive month of growth. International operations saw a slightly higher increase of 3.6%.
Capacity, measured in available cargo tonne-kilometers (ACTK), grew by 6.8% year-on-year. International capacity rose by 7.3%.
IATA Director General Willie Walsh commented on the results, noting: “While January marked the 18th consecutive month of growth for air cargo, the 3.2% year-on-year increase reflects a moderation from the double-digit growth seen in 2024. Despite a decline in yields—down 9.9% from December 2024—air cargo remains above January 2024 levels. Additionally, cargo load factors have decreased by an average of 1.5 percentage points. External factors, such as continued trade growth, falling fuel prices, and the expansion of e-commerce, continue to provide a positive outlook for the industry. However, it’s crucial to remain vigilant about potential changes in the operating environment, especially with the possibility of tariff-driven trade policies under the US administration. Fortunately, the air cargo sector is adept at adapting to shifting conditions.”
Several other factors influencing the air cargo market should be considered:
- Industrial production rose by 2.6% globally in December 2024.
- Global goods trade grew by 3.3% in December, marking its ninth consecutive month of expansion.
The Purchasing Managers’ Index (PMI) for global manufacturing output was 50.62 in January, indicating growth and the highest level since July 2024. New export orders also saw a PMI of 49.37, just shy of the growth threshold of 50.
In terms of inflation, consumer prices in the US and Europe rose by 0.1 percentage point to 3.0% and 2.8%, respectively. Meanwhile, China’s consumer inflation rebounded to 0.5% in January after falling to 0.1% over the previous four months.
Regional Performance:
Asia-Pacific: Airlines in this region experienced 7.5% growth in air cargo demand in January, with capacity up by 10.9%.
North America: Demand grew by 5.3%, with capacity increasing by 7.5% year-on-year.
Europe: Air cargo demand rose by 1.3%, with capacity expanding by 3.5%.
Middle East: This region saw a decline of 8.4% in demand, the slowest among all regions, while capacity decreased by 1.2%.
Latin America: The region posted the strongest growth, with an 11.2% increase in demand, while capacity grew by 10.6%.
Africa: Demand fell by 3.4%, but capacity saw an increase of 5.4% year-on-year.
Trade Lane Growth:
Most international trade routes experienced growth in January, driven by strong demand in e-commerce, particularly from the US and Europe. The air cargo industry continues to benefit from ongoing capacity constraints in ocean shipping, making air freight an increasingly attractive option for time-sensitive shipments.
This steady growth trajectory in January 2025 underscores the resilience of the air cargo sector, even as market conditions continue to evolve.
