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Total demand, measured in cargo tonne-kilometers (CTKs), surged by 11.1 per cent compared to April 2023, with international operations experiencing an even higher increase of 11.6 per cent. Capacity, measured in available cargo tonne-kilometers (ACTKs), also grew, rising by 7.1 per cent compared to April 2023 and 10.2 per cent for international operations.
Willie Walsh, IATA’s director general, highlighted the solid start to the second quarter, stating, "Air cargo demand started Q2 with a solid 11.1 per cent increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust."
Several factors influenced the operating environment. In April, the PMIs for global manufacturing output and new export orders turned positive, marking the first growth in new export orders in two years. Industrial production saw a 1.6 per cent year-on-year increase in March, despite a 0.8 per cent contraction in global cross-border trade. Inflation rates in April remained relatively stable across major economies, with the US at 3.4 per cent, the EU at 2.6 per cent, and Japan at 2.5 per cent. China reported a modest 0.2 per cent year-on-year increase in consumer prices, a positive indicator amidst concerns of an economic slowdown, IATA said in a press release.
Regional performance varied, with Asia-Pacific airlines experiencing the strongest demand growth at 14.0 per cent year-on-year. Demand within the Asia market grew by 13.2 per cent, and the Asia-Europe route by 17.7 per cent. Capacity in this region increased by 7.8 per cent year-on-year. North American carriers recorded the weakest growth at 7.0 per cent year-on-year, with the Asia-North America trade lane growing by 7.3 per cent and the North America-Europe route by 5.6 per cent. Capacity in North America increased by 4.0 per cent year-on-year.
European carriers saw a 12.7 per cent year-on-year increase in demand, with intra-European air cargo rising by 34.4 per cent, the highest annual growth in over a decade. Europe-Middle East routes saw a demand increase of 30.1 per cent, although this was a drop compared to the previous month. Capacity in Europe rose by 10.3 per cent year-on-year. Middle Eastern airlines reported a 9.4 per cent year-on-year increase in demand, with the Middle East-Europe market performing particularly well at 30.1 per cent annual growth, and the Middle East-Asia market growing by 10.4 per cent. Capacity in the Middle East increased by 5.7 per cent year-on-year.
Latin American carriers experienced an 11.7 per cent year-on-year growth in demand, with capacity up by 9.8 per cent. African airlines recorded a 10.6 per cent year-on-year demand growth, with the Africa-Asia market growing by 25.8 per cent. Capacity in Africa increased significantly by 18.7 per cent year-on-year.
Fibre2Fashion News Desk (KD)