Total demand, measured in cargo ton-kilometers (CTKs*), rose by 14.7% compared to May 2023 levels (15.5% for international operations). This is the sixth consecutive month of double-digit year-on-year growth for air cargo, according to the International Air Transport Association (IATA).
"Air cargo demand moved sharply upwards in May across all regions. The sector benefitted from trade growth, booming e-commerce and capacity constraints on maritime shipping. The outlook remains largely positive with purchasing managers showing expectations for future growth. Some dampening, however, could come as the US imposes stricter conditions on e-commerce deliveries from China. Increased costs and transit times for shipments under $800 may deter U.S. consumers and pose significant challenges for growth on the Asia-North America trade lane—the world’s biggest,” says Willie Walsh, IATA director general.
Key takeaways:
• Capacity, measured in available cargo ton-kilometers (ACTKs), increased by 6.7% compared to May 2023 (10.2% for international operations).
• In May the Purchasing Managers Index (PMIs) for global manufacturing output and new export orders indicated expansion (52.6 and 50.4 respectively).
• Industrial production and global cross-border trade increased month-on-month in April (0.5% and 1.5% respectively).
• Inflation saw a mixed picture in May. In the EU and Japan, inflation rates fell to 2.7% and 2.8% respectively, while rising in the United States to 3.3%. In contrast, China’s inflation rate remained near zero (0.3%), reflecting weak domestic demand due to high unemployment, slow income growth, and a crisis in the real estate sector, a trend that has persisted since 2023.
