The global air cargo sector continued its impressive run in May 2024, with African airlines posting the strongest growth of any region.
According to data from the International Air Transport Association (IATA), African carriers saw an 18.4% year-over-year increase in cargo traffic, measured in cargo tonne-kilometers (CTKs). This was the highest growth rate across all regions.
A key driver was surging demand on the Africa-Asia trade lane, which jumped 40.6% compared to May 2023. African airlines also benefited from overall buoyant conditions, with the global Purchasing Managers’ Index for manufacturing remaining firmly in expansion territory.
“Air cargo demand is firing on all cylinders across Africa,” said IATA Director General Willie Walsh. “The continent is clearly capitalizing on the broader upswing in global trade and e-commerce.”
Capacity for African carriers grew 21.4% year-over-year in May, outpacing the demand increase. This suggests African airlines are moving quickly to expand their cargo operations to meet the surging volumes.
The robust performance in Africa contrasted with the relatively muted growth in North America, where demand rose just 8.7% annually. Walsh noted that some dampening of the air cargo boom could occur if expected US restrictions on low-value e-commerce shipments from China take effect.
“Overall, the air cargo outlook remains positive, but there are some headwinds to monitor, especially on the key Asia-North America trade lane,” he said.
