“It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions,” said Willie Walsh, IATA’s Director General.
Several factors in the operating environment should be noted:
Air cargo market in detail – November 2024
November 2024
(% year-on-year) World share1 CTK ACTK CLF (%-pt) CLF (level)
Total Market 100% 8.2% 4.6% 1.6% 49.0%
Africa 2.0% -0.7% 0.4% -0.5% 42.5%
Asia Pacific 33.3% 13.2% 9.4% 1.7% 50.0%
Europe 21.4% 5.6% 4.3% 0.7% 57.6%
Latin America 2.8% 11.6% 6.4% 1.9% 39.6%
Middle East 13.5% 3.6% -0.6% 2.0% 49.4%
North America 26.9% 6.9% 2.2% 1.9% 43.8%
1% of industry CTKs in 2023
Asia-Pacific airlines saw 13.2% year-on-year demand growth for air cargo in November, the strongest growth among the regions. Capacity increased by 9.4% year-on-year.
North American carriers saw 6.9% year-on-year demand growth for air cargo in November. Capacity increased by 2.2% year-on-year.
European carriers saw 5.6% year-on-year demand growth for air cargo in November. Capacity increased 4.3% year-on-year.
Middle Eastern carriers saw 3.6% year-on-year demand growth for air cargo in November. Capacity decreased by 0.6% year-on-year.
Latin American carriers saw 11.6% year-on-year demand growth for air cargo in November. Capacity increased 6.4% year-on-year.
African airlines saw a 0.7% year-on-year decrease in demand for air cargo in November, the slowest among regions. Capacity increased by 0.4% year-on-year.
Trade Lane Growth: International routes experienced exceptional traffic levels for the 16th consecutive month with a 9.5% year-on-year increase in November. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.
Trade Lane YOY Growth Notes Market Share of Industry*
Asia-North America +13% 13 consecutive months of growth 24.90%
Europe-Asia +12.9% 21 consecutive months of growth 19.60%
Middle East-Europe +9.9% 16 consecutive months of growth 5.00%
Middle East-Asia +9.0% 18 consecutive months of growth 7.20%
Within Asia +12.2% 13 consecutive months of growth 6.70%
North America-Europe +5.6% 13 consecutive months of growth 14.20%
Africa-Asia +7.6% 15 consecutive months of growth 1.20%
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