The Worldwide Air Transport Affiliation (IATA)’s international air cargo markets report for September 2024 confirmed persevering with robust annual progress in demand.
IATA director-general Willie Walsh remarked: “September efficiency introduced continued excellent news for air cargo markets. With 9.4 p.c year-on-year progress, cargo volumes continued to mark all-time highs for demand.”
Walsh added that yields are enhancing, as there are up by 11.7 p.c from 2023 and at the moment are 50 p.c above 2019 ranges.
All this factors to a robust end for this yr. For longer-term tendencies, the air cargo sector is at the moment keeping track of the end result of the US election for indications of how US commerce coverage will evolve.
September in a nutshell
Complete demand, measured in cargo tonne-kilometres (CTKs), rose by 9.4 p.c in comparison with September 2023 ranges (10.5 p.c for worldwide operations) for a 14th consecutive month of progress.
Capability, measured in obtainable cargo tonne-kilometres (ACTKs), elevated by 6.4 p.c in comparison with September 2023 (8.1 p.c for worldwide operations).
This continued to be largely associated to the expansion in worldwide stomach capability, which rose by 10.3 p.c, extending the development of double-digit annual capability progress to 41 consecutive months.
Month-to-month efficiency by area
Asia-Pacific airways noticed 11.7 p.c year-on-year demand progress for air cargo in September. Capability elevated by 8.5 p.c year-on-year.
North American carriers noticed 3.8 p.c year-on-year demand progress for air cargo in September. Capability elevated by 4.2 p.c year-on-year.
European carriers noticed 11.7 p.c year-on-year demand progress for air cargo in September. Capability elevated 7.5 p.c year-on-year.
Center Japanese carriers noticed 10.1 p.c year-on-year demand progress for air cargo in September. Capability elevated 2.9 p.c year-on-year.
Latin American carriers noticed 20.9 p.c year-on-year demand progress for air cargo in September, the strongest progress among the many areas. Capability elevated 7.9 p.c year-on-year.
African airways noticed 1.7 p.c year-on-year demand progress for air cargo in September, the slowest amongst areas. September capability elevated by 13.9 p.c year-on-year.
IATA additionally identified that worldwide routes skilled distinctive site visitors ranges for a fifth month, with a ten.5% year-on-year improve in September. Airways are benefiting from rising e-commerce demand within the US and Europe amid ongoing capability limits in ocean transport.
Factors for consideration
The report’s authors identified that September progress could also be attributed to a number of elements noticed throughout the month.
Yr-on-year, industrial manufacturing rose 1.6 p.c whereas international items commerce elevated 2.8 p.c for a sixth consecutive month of progress. Month-to-month commerce grew by 1.4 p.c, the best in seven months.
The Buying Managers Index (PMIs) for international manufacturing output, and the PMI for brand new export orders, have been each beneath the 50-mark at 49.4 and 47.5 respectively, indicating contraction.
Additionally, US headline inflation, primarily based on the annual Shopper Value Index (CPI), declined by 0.2 share factors to 2.4 p.c in September, marking the seventh straight month of easing inflation.
In the identical month, the inflation charge within the EU fell by 0.3 share factors to 2.1 p.c, persevering with a course of began in January 2023.
China’s shopper inflation remained low at 0.4 p.c in September amid issues of an financial slowdown.
