Date Added: 6 December 2024
Air cargo demand rises 9.8 percent in October, says IATA
Data released by IATA for October 2024 global air cargo markets shows continuing strong annual growth in demand, which makes interesting reading for Davies Turner, with our a strong presence in the expedited international airfreight business, through our subsidiary Davies Turner Air Cargo.
IATA reports that total demand, measured in cargo tonne-kilometers (CTKs), rose by 9.8% compared to October 2023 levels, with international operations experiencing an even higher increase of 10.3%. This marks the 15th consecutive month of growth for air cargo.
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 5.9% year-on-year (7.2% for international operations). The rise was fuelled largely by an 8.5% increase in international belly capacity, while dedicated freighter capacity grew by 5.6%, maintaining a seven-month streak of expansion. Volumes are now approaching their peak levels last seen in 2021.
Willie Walsh, IATA’s Director General said: “Global air cargo yields, including surcharges, are also on the rise—up 10.6% on 2023 and 49% compared to 2019 levels.”
Despite the strong performance, Walsh urged caution when looking ahead to 2025.
The recently announced plans by the incoming Trump Administration to impose significant tariffs on key trading partners — Canada, China, and Mexico — could disrupt global supply chains and dampen consumer confidence.
“The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations will likely be tested as these policies unfold,” Walsh added.
With 2024 shaping up as a strong year for air cargo, the industry faces the dual challenge of sustaining growth while navigating potential geopolitical and economic disruptions. IATA’s data highlights the resilience of the air cargo sector, but the future may demand even greater adaptability as global dynamics continue to evolve.
For more information about our global air freight forwarding and logistics services, please contact aircargo@daviesturner.co.uk or visit https://www.daviesturner.com/air-freight