ZoomTeam AdobeStock_589111281
The International Air Transport Association (IATA) released data for March global air cargo markets showing continuing strong annual growth in demand.
"Air cargo demand grew by 10.3% over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the COVID crisis. With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo," says Willie Walsh, IATA’s director general.
Key takeaways:
- Total demand, measured in cargo ton-kilometers (CTKs), rose by 10.3% compared to March 2023 levels (11.4% for international operations). This is the fourth consecutive month of double-digit year-on-year growth.
- Capacity, measured in available cargo ton-kilometers (ACTKs), increased by 7.3% compared to March 2023 (10.5% for international operations).
- Global cross-border trade and industrial production increased by 1.2% and 1.6%, respectively, in February.
- In March, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, indicating expansion. The new export orders PMI also rose to 49.5, remaining slightly below the 50 threshold that would indicate growth expectations.
- Inflation saw a mixed picture in March. In the EU and Japan, inflation rates fell to 2.6% and 2.7% respectively, while rising in the US to 3.5%. In contrast, China experienced a slight deflation of -0.01%. This latest figure marks a return to deflation after February's brief period of inflation.
- North American carriers saw 0.9% year-on-year demand growth for air cargo in March, the weakest among all regions. Demand on the North America–Europe trade lane grew by 2.9% year-on-year while Asia–North America grew by 4.7% year-on-year. March capacity decreased by -1.9% year-on-year.
