Geneva – The International Air Transport Association (IATA) released data for November 2024 global air cargo markets showing:
- Total demand, measured in cargo tonne-kilometers (CTK), rose by 8.2% compared to November 2023 levels (9.5% for international operations) for a 16th consecutive month of growth.
- Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.6% compared to November 2023 (6.5% for international operations).
“It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
- Year-on-year, industrial production rose 2.1% in October. Global goods trade grew for a seventh consecutive month, reporting a 1.6% increase.
- The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for November, indicating growth. However, the PMI for new export orders remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade.
- US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.1 percentage points to 2.7% in November. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.5%. China’s consumer inflation fell to 0.2% in November, continuing concerns of an economic slowdown.
Air Cargo Market in Detail
| November 2024 (%year-on-year) | World Share *1 | CTK | ACTK | CLF (%-pt) *2 | CLF (level) *3 |
|---|---|---|---|---|---|
| Total Market | 100% | 8.2% | 4.6% | 1.6% | 49.0% |
| Africa | 2.0% | -0.7% | 0.4% | -0.5% | 42.5% |
| Asia Pacific | 33.3% | 13.2% | 9.4% | 1.7% | 50.0% |
| Europe | 21.4% | 5.6% | 4.3% | 0.7% | 57.6% |
| Latin America | 2.8% | 11.6% | 6.4% | 1.9% | 39.6% |
| Middle East | 13.5% | 3.6% | -0.6% | 2.0% | 49.4% |
| North America | 26.9% | 6.9% | 2.2% | 1.9% | 43.8% |
(*1) % of industry CTKs in 2023 (*2) Year-on-year change in load factor (*3) Load factor level
November Regional Performance
Asia-Pacific airlines saw 13.2% year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4% year-on-year.
North American carriers saw 6.9% year-on-year demand growth for air cargo in November. Capacity increased by 2.2% year-on-year.
European carriers saw 5.6% year-on-year demand growth for air cargo in November. Capacity increased 4.3% year-on-year.
Middle Eastern carriers saw 3.6% year-on-year demand growth for air cargo in November. Capacity decreased by 0.6% year-on-year.
Latin American carriers saw 11.6% year-on-year demand growth for air cargo in November. Capacity increased 6.4% year-on-year.
African airlines saw a 0.7% year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4% year-on-year.
Trade Lane Growth: International routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
| Trade Lane | YoY growth | Notes | Market share of industry* |
|---|---|---|---|
| Asia-North America | +13.0% | 13 consecutive months of growth | 24.9% |
| Europe-Asia | +12.9% | 21 consecutive months of growth | 19.6% |
| Middle East-Europe | +9.9% | 16 consecutive months of growth | 5.0% |
| Middle East-Asia | +9.0% | 18 consecutive months of growth | 7.2% |
| Within Asia | +12.2% | 13 consecutive months of growth | 6.7% |
| North America-Europe | +5.6% | 13 consecutive months of growth | 14.2% |
| Africa-Asia | +7.6% | 15 consecutive months of growth | 1.2% |
*Share is based on full-year 2023 CTKs.
> View November 2024 Air Cargo Market Analysis (pdf)
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Notes for Editors:
- IATA (International Air Transport Association) represents some 340 airlines comprising over 80% of global air traffic.
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- Explanation of measurement terms:
– CTK: cargo tonne-kilometers measures actual cargo traffic
– ACTK: available cargo tonne-kilometers measures available total cargo capacity
– CLF: cargo load factor is % of ACTKs used
- IATA statistics cover international and domestic scheduled air cargo for IATA member and non-member airlines.
- Total cargo traffic market share by region of carriers in terms of CTK is: Asia-Pacific 33.3%, Europe 21.4%, North America 26.9%, Middle East 13.5%, Latin America 2.8%, and Africa 2.0%.
- Trade lane market share is calculated based on 2023 full-year CTK data, includes all directions of transport, and breaks down as follows: Asia-North America 25.0%, Asia-Europe 19.4%, North America-Europe 14.3%, Middle East-Asia 7.2%, Within Asia 6.7%, Middle East-Europe 5.0%, Within Europe 1.9%, Africa-Asia 1.2%. In total, these selected trade lanes cover 80.7% of 2023 global air cargo traffic.
