The International Air Transport Association (IATA) has released data for February 2024, revealing a robust surge in global passenger demand, with African airlines leading the growth trajectory.
In February 2024, total demand for air travel, measured in revenue passenger kilometers (RPKs), soared by 21.5% compared to the same month in 2023. This substantial increase in demand was complemented by a 18.7% rise in total capacity, measured in available seat kilometers (ASK), resulting in an improved load factor of 80.6%, an increase of 1.9 percentage points compared to February 2023.
On the international front, demand surged by 26.3% compared to February 2023, with capacity up by 25.5% year-on-year. The load factor for international flights improved to 79.3%, marking a 0.5 percentage point increase from February 2023.
Domestically, demand experienced a notable 15.0% increase compared to February 2023, with capacity up by 9.4% year-on-year. The load factor for domestic flights also saw a significant rise to 82.6%, marking a 4.0 percentage point increase compared to February 2023.
Commenting on the industry’s performance, Willie Walsh, IATA’s Director General, expressed optimism about the prospects for the aviation sector in 2024. He highlighted the industry’s resilience in the face of geopolitical and economic uncertainties, urging politicians to refrain from imposing new taxes that could destabilize the positive trajectory of the aviation sector.
Among all regions, African airlines demonstrated remarkable growth in international passenger demand, recording a 20.7% year-on-year increase in February 2024. Capacity for African airlines also experienced a significant uptick, rising by 22.1% year-on-year. Despite the impressive growth, the load factor for African airlines dipped slightly to 74.0%, a decrease of 0.8 percentage points compared to February 2023.
The data for February 2024, also highlights a remarkable period of sustained growth in the global air cargo markets, with Africa standing out as the leader in demand growth.
In February 2024, total demand for air cargo, measured in cargo tonne-kilometers (CTKs), surged by 11.9% compared to the same month in 2023, marking the third consecutive month of double-digit year-on-year growth. This rise was even more pronounced in international operations, which saw a 12.4% increase.
Capacity growth also kept pace, with available cargo tonne-kilometers (ACTKs) up by 13.4% over February 2023, and a significant 16.0% increase in international operations. This capacity expansion was largely attributed to the growth in international belly capacity, a result of the rising passenger market, which saw a 29.5% year-on-year increase and far exceeded the growth in international capacity on freighters.
Willie Walsh, IATA’s Director General, commented on the robust growth, “February’s demand growth of 11.9% far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022, showcasing air cargo’s resilience amidst ongoing political and economic uncertainties.”
The report highlighted several key factors contributing to this environment, including a slight increase in global cross-border trade by 0.9% in January and a rise in the manufacturing output Purchasing Managers’ Index (PMI) to 51.2 in February, indicating an expansion in manufacturing output.
Among all regions, African airlines experienced the most significant surge in demand, recording a 22.0% year-on-year growth in air cargo for February. This was the strongest performance globally, with intra-Africa trade lanes showing an astounding 42.3% growth compared to the previous year. Capacity for the region also increased by 28.2% year-on-year.
Comparatively, Asia-Pacific airlines witnessed an 11.9% growth, a slowdown from January’s 24.3% increase, likely due to post-Lunar New Year adjustments. North American carriers reported the weakest growth at 4.2%, while European carriers saw a 14.6% increase, buoyed by strong intra-European trade. The Middle East and Latin American carriers also posted strong growth rates of 20.9% and 13.7% respectively.
The remarkable performance of African airlines in February 2024 underscores the continent’s leading role in the global air cargo sector’s growth, reflecting the robust demand for air freight and the dynamic expansion of intra-African trade. As the global economy navigates through uncertainties, the air cargo industry, especially in Africa, continues to demonstrate resilience and a significant potential for further growth.
