Air cargo demand has been on a rollercoaster of emotions over the past few years. Everything just lit up almost overnight with the covid outbreak in 2020. Air cargo was one of the few viable freight transport means with costs of shipping rising to previously unseen levels. From then onwards things slowly but surely continued to get quieter and quieter. However data in 2024 shows that air transport is once again on the rise in terms of demand.
IATA Data Shows Strong Air Cargo Demand in April 2024
IATA’s latest report give air cargo operators something to be hopeful about and to look at the future in good spirits. April 2024 has registered a positive indicators across the globe (except Africa) for all KPIs.
| APRIL 2024 (%YoY) | WORLD SHARE | CTK (Cargo Tonne Km) | ACTK (Available CTK) | CLF (% Growth) | Load Factor |
|---|---|---|---|---|---|
| Total Market | 100% | 11.1% | 7.1% | 1.6% | 43.9% |
| Africa | 2.0% | 10.6% | 18.7% | -3.1% | 42.9% |
| Asia Pacific | 33.3% | 14.0% | 7.8% | 2.4% | 44.5% |
| Europe | 21.4% | 12.7% | 10.3% | 1.1% | 51.5% |
| Latin America | 2.8% | 11.7% | 9.8% | 0.6% | 38.7% |
| Middle East | 13.5% | 9.4% | 5.7% | 1.5% | 44.7% |
IATA Data: https://www.iata.org/en/pressroom/2024-releases/2024-05-29-01/
Looking at the table you can see how all markets have actually grown in sheer values in terms of cargo transported. The only market that had a negative indicator was Africa. However the negative indicator was just the load factor which contracted over April 2023.
Summing up the data the biggest region for air cargo is unsurprisingly the Asia Pacific. While Africa and Latin America are the smallest. However it is Europe that has the highest load factor, clocking in at 51.5%, meaning that European planes are the most effective and efficient in using the space offered.
Why Can Operators Be Hopeful?
IATA states that air cargo demand has been on the rise over the past months despite the PMI (Purchasing Managers Index) giving signals of a potential contraction. However the PMI is now looking positive again with growth on the horizon and when production increases air cargo follows suit. So we should be expecting similar performance data in coming months from the cargo sector.
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