IATA reports air cargo grew by 9.4 percent in September

The International Air Transport Association (IATA)’s world air cargo markets report for September 2024 confirmed persevering with robust annual progress in demand.

IATA director-general Willie Walsh remarked: “September performance brought continued good news for air cargo markets. With 9.4 percent year-on-year growth, cargo volumes continued to mark all-time highs for demand.”

Walsh added that yields are enhancing, as there are up by 11.7 percent from  2023 and at the moment are 50 percent above 2019 ranges. 

All this factors to a robust end for this yr. For longer-term traits, the air cargo sector is at the moment maintaining a tally of the result of the US election for indications of how US commerce coverage will evolve.

September in a nutshell

Total demand, measured in cargo tonne-kilometres (CTKs), rose by 9.4 percent in comparison with September 2023 ranges (10.5 percent for worldwide operations) for a 14th consecutive month of progress. 

Capacity, measured in out there cargo tonne-kilometres (ACTKs), elevated by 6.4 percent in comparison with September 2023 (8.1 percent for worldwide operations). 

This continued to be largely associated to the expansion in worldwide stomach capability, which rose by 10.3 percent, extending the pattern of double-digit annual capability progress to 41 consecutive months.

Monthly efficiency by area

Asia-Pacific airways noticed 11.7 percent year-on-year demand progress for air cargo in September. Capacity elevated by 8.5 percent year-on-year.

North American carriers noticed 3.8 percent year-on-year demand progress for air cargo in September. Capacity elevated by 4.2 percent year-on-year.

European carriers noticed 11.7 percent year-on-year demand progress for air cargo in September. Capacity elevated 7.5 percent year-on-year.

Middle Eastern carriers noticed 10.1 percent year-on-year demand progress for air cargo in September. Capacity elevated 2.9 percent year-on-year.

Latin American carriers noticed 20.9 percent year-on-year demand progress for air cargo in September, the strongest progress among the many areas. Capacity elevated 7.9 percent year-on-year.

African airways noticed 1.7 percent year-on-year demand progress for air cargo in September, the slowest amongst areas. September capability elevated by 13.9 percent year-on-year. 

IATA additionally identified that worldwide routes skilled distinctive visitors ranges for a fifth month, with a ten.5% year-on-year improve in September. Airlines are benefiting from rising e-commerce demand in the US and Europe amid ongoing capability limits in ocean delivery.

Points for consideration

The report’s authors identified that September progress could also be attributed to a number of components noticed through the month. 

Year-on-year, industrial manufacturing rose 1.6 percent whereas world items commerce elevated 2.8 percent for a sixth consecutive month of progress. Monthly commerce grew by 1.4 percent, the very best in seven months.

The Purchasing Managers Index (PMIs) for world manufacturing output, and the PMI for brand spanking new export orders, had been each beneath the 50-mark at 49.4 and 47.5 respectively, indicating contraction. 

Also, US headline inflation, primarily based on the annual Consumer Price Index (CPI), declined by 0.2 share factors to 2.4 percent in September, marking the seventh straight month of easing inflation. 

In the identical month, the inflation fee in the EU fell by 0.3 share factors to 2.1 percent, persevering with a course of began in January 2023. 

China’s shopper inflation remained low at 0.4 percent in September amid issues of an financial slowdown.