Air cargo posts fourth month of double-digit growth in March: IATA

Total demand, gauged in cargo tonne-kilometres (CTKs), surged by 10.3 percent compared to March 2023 levels (11.4 per cent for international operations), marking the fourth consecutive month of double-digit year-on-year growth.

Capacity, measured in available cargo tonne-kilometers (ACTKs), also rose, increasing by 7.3 per cent compared to March 2023 (10.5 per cent for international operations).

Willie Walsh, IATA's Director-General, remarked, "Air cargo demand grew by 10.3 per cent over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis. 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 operational environment factors included: Global cross-border trade and industrial production increased by 1.2 per cent and 1.6 per cent respectively, in February.

The manufacturing output Purchasing Managers' Index (PMI) climbed to 51.9 in March, indicating expansion. However, the new export orders PMI remained slightly below the 50 threshold, indicating growth expectations, rising to 49.5.

Inflation rates varied in March, with rates falling in the EU (2.6 percent) and Japan (2.7 per cent), rising in the US (3.5 per cent), and China experiencing slight deflation (-0.01 per cent).

Regional performance in March: Asia-Pacific airlines experienced 14.3 percent year-on-year demand growth for air cargo, with notable increases on the Asia-Europe route (17.0 per cent) and within Asia (11.8 per cent). Capacity increased by 14.3 per cent year-on-year.

North American carriers saw modest 0.9 percent year-on-year demand growth, with decreases in March capacity (-1.9 per cent).

European carriers witnessed 10.0 percent year-on-year demand growth, with intra-European air cargo and Europe-Middle East routes as notable performers. March capacity increased by 8.0 percent year-on-year.

Middle Eastern carriers reported the strongest growth at 19.9 per cent year-on-year, with significant expansion in the Middle East-Europe market. March capacity increased by 10.6 percent year-on-year.

Latin American carriers experienced 9.2 per cent year-on-year demand growth, while African airlines saw 14.2 per cent year-on-year growth, despite a contraction in the Africa-Asia market compared to February.

The data underscored ongoing resilience and growth in the global air cargo sector, driven by evolving trade dynamics and regional market trends. (ANI/WAM)