The International Air Transport Association (IATA) released data for June 2024 global air cargo markets showing continuing strong annual growth in demand. This contributed to an exceptional first-half-year performance for air cargo, with volumes exceeding 2023, 2022, and even the record-breaking 2021 levels.

  • Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 14.1% compared to June 2023 levels (15.6% for international operations). This is the seventh consecutive month of double-digit year-on-year growth.
  • Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 8.8% compared to June 2023 (10.8% for international operations).
  • Total half-year (H1) demand increased by 13.4% compared to H1 2023, by 4.3% compared to H1 2022, and by 0.02% compared to H1 2021.

“Air cargo demand surged in June. Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs. Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers. Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024,” said Willie Walsh, IATAโ€™s Director General.

Several factors in the operating environment should be noted:

  • In June the Purchasing Managers Index (PMI) for global manufacturing output indicated expansion (52.3) while the new export orders PMI registered a small contraction, falling below the critical 50-point benchmark to 49.3.
  • Global cross-border trade expanded 0.1% month-on-month in May while industrial production stayed level compared to the previous month.
  • Inflation was a mixed picture in June. In the EU and Japan, inflation rates stayed roughly constant compared to the previous month at 2.6% and 2.8% respectively, while dropping in the US to 3.0%. In contrast, Chinaโ€™s inflation rate remained near zero (0.3%) reflecting weak domestic demand amid high unemployment, slow income growth, and a crisis in the real estate sector, a trend that has persisted since 2023.