The International Air Transport Association (IATA) has reported a fourth consecutive month of robust growth in global air cargo demand, with Africa witnessing significant expansion in March 2024.
According to the latest data released by IATA, total demand for air cargo, measured in cargo tonne-kilometers (CTKs), surged by 10.3% compared to March 2023 levels. This marks the fourth consecutive month of double-digit year-on-year growth, signaling a positive trajectory for the air cargo industry.
In contrast, capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3% compared to the same period last year, reflecting the industry’s efforts to meet the rising demand for air freight services.
Willie Walsh, Director General of IATA, commented on the latest figures, stating, “Air cargo demand grew by 10.3% over the previous March, contributing to a strong first quarter performance. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo.”
Key factors influencing the operating environment include the moderate increase in global cross-border trade and industrial production, as well as fluctuations in inflation rates across different regions.
In March, Asia-Pacific airlines experienced the most significant year-on-year demand growth for air cargo at 14.3%, driven by strong performance on the Asia-Europe and intra-Asia routes. Meanwhile, North American carriers saw the weakest demand growth at 0.9%, with capacity decreasing by -1.9% year-on-year.
European carriers witnessed a notable year-on-year demand growth of 10.0% for air cargo in March, with intra-European air cargo experiencing a substantial increase of 24.7% year-on-year. Middle Eastern carriers recorded the strongest growth among all regions at 19.9%, with the Middle East–Europe market leading the way.
Latin American carriers and African airlines also reported positive growth, with demand increasing by 9.2% and 14.2% year-on-year, respectively. However, African airlines experienced a slight contraction compared to the previous month on the Africa–Asia route.
Despite the challenges posed by fluctuating demand and capacity, the air cargo industry in Africa continues to demonstrate resilience and growth potential, contributing to the region’s economic development and global trade facilitation.
As the global air cargo market remains dynamic, stakeholders are closely monitoring industry trends and implementing strategic measures to capitalize on emerging opportunities and address evolving challenges in the months ahead.
