Civil Aviation Resources Network, July 31, 2024: The International Air Transport Association's monthly global air cargo market regular data shows that demand continues to grow strongly, and air cargo has performed well in the first half of the year, with cargo volume exceeding the same period in 2023 and 2022, breaking the record in 2021. Global total air cargo demand, in terms of freight ton-kilometers, increased by 14.1% year-on-year in June 2023, achieving double-digit year-on-year growth for seven consecutive months.
Air cargo capacity increased by 8.8% year-on-year in June 2023
Compared with the first half of 2023, total demand in the first half of this year increased by 13.4%, an increase of 4.3% over the first half of 2022, and an increase of 0.02% over the first half of 2021. IATA Director General Willie Walsh said: "Air cargo demand surged in June. All regions and major trade routes grew strongly, pushing total cargo demand to a record high in the first half of the year. Ocean capacity constraints and the booming e-commerce industry are the strongest drivers. Air cargo has largely not been affected by ongoing political and economic challenges and the US Customs crackdown on Chinese e-commerce goods. The fundamentals of air cargo are solid and are expected to continue to maintain strong growth in the second half of 2024."
Changes in key indicators of the air cargo operating environment:
In June, the Purchasing Managers' Index for global manufacturing output expanded, while the PMI for new export orders contracted slightly to 49.3, below the 50 boom-bust line.
Global cross-border trade grew 0.1% month-on-month in May, and industrial production was flat from the previous month.
Inflation in June was mixed. Compared with May, the inflation rates in the EU and Japan remained roughly unchanged at 2.6% and 2.8% respectively, and the inflation rate in the United States fell to 3.0%. In contrast, China's inflation rate remained close to zero.
Regional performance in June
Asia-Pacific airlines saw air cargo demand increase by 17.0% year-on-year in June, the fastest growth among all regions. Demand for the Africa-Asia trade lane increased by 37.5% year-on-year, while Europe-Asia, Intra-Asia, and Middle East-Asia trade lanes increased by 20.3%, 21.0%, and 15.1% respectively. Capacity increased by 10.7% year-on-year.
North American airlines saw air cargo demand increase by 9.5% year-on-year in June, the weakest growth among all regions. Demand on the North America-Europe route increased by 6.7%, with demand on the world's largest Asia-North America trade lane increasing by 12.8% year-on-year, the largest increase in five months. Capacity increased by 6.0% year-on-year.
European airlines saw air cargo demand increase by 16.1% year-on-year in June. Compared to June 2023, domestic air cargo demand in Europe increased by 16.7%, achieving double-digit annual growth for six consecutive months. Demand for the Europe-Middle East and Europe-Asia routes increased by 30.2% and 20.3% respectively. Capacity increased by 9.1% year-on-year.
Middle Eastern airlines saw air cargo demand increase by 13.8% year-on-year in June. The Middle East-Europe market performed particularly well, with an annual growth rate of 30.2%, ahead of the Middle East-Asia market. Capacity increased by 6.9% year-on-year.
Latin American airlines' air cargo demand increased by 13.1% year-on-year in June. Capacity increased by 15.5% year-on-year. It is worth noting that Latin American airlines ranked second in international demand growth in June, at 17.2%, up 6.3 percentage points from the previous month.
African airlines' air cargo demand increased by 11.8% year-on-year in June. Compared with June 2023, demand in the Africa-Asia market increased by 37.5%, the highest increase among all trade lanes. Capacity increased by 23.8% year-on-year.
