The International Air Transport Association (IATA) released data for September 2024 global air cargo markets showing continuing strong yearly growth in demand amid improved economic outlook in the U.S and Europe.

Total demand, measured in cargo tonne-kilometers (CTKs), rose by 9.4 per cent compared to September 2023 levels (10.5 per cent for international operations) for a 14th consecutive month of growth.

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.4 per cent compared to September 2023 (8.1 per cent for international operations). This continued to be largely related to the growth in international belly capacity, which rose 10.3 per cent–extending the trend of double-digit annual capacity growth to 41 consecutive months.

IATA’s Director General, Willie Walsh, said September performance brought continued good news for air cargo markets.

“With 9.4 per cent year-on-year growth, cargo volumes continued to mark all-time highs for demand. Yields are also improving, up 11.7 per cent on 2023 and 50 per cent above 2019 levels. All this points to a strong finish for this year. For longer-term trends, the air cargo world will be closely following the outcome of the US election for indications of how U.S. trade policy will evolve,” Walsh said.

Year-on-year, industrial production rose 1.6 per cent while global goods trade increased 2.8 per cent for a sixth consecutive month of growth. Monthly trade grew by 1.4 per cent, the highest in seven months.

The Purchasing Managers Index (PMIs) for global manufacturing output, and the PMI for new export orders, were both below the 50-mark at 49.4 and 47.5 respectively, indicating contraction.

The United States headline inflation, based on the annual Consumer Price Index (CPI), declined by 0.2 percentage points to 2.4 per cent in September, marking the seventh straight month of easing inflation.

In the same month, the inflation rate in the EU fell by 0.3 percentage points to 2.1 per cent, continuing a process started in January 2023. China’s consumer inflation remained low at 0.4 per cent in September amid concerns of an economic slowdown.

In the regional performances, Asia-Pacific airlines saw 11.7 per cent year-on-year demand growth for air cargo in September. Capacity increased by 8.5 per cent year-on-year.

North American carriers saw 3.8 per cent year-on-year demand growth for air cargo in September. Capacity increased by 4.2 per cent year-on-year.

European carriers saw 11.7 per cent year-on-year demand growth for air cargo in September. Capacity increased 7.5 per cent year-on-year.

Middle Eastern carriers saw 10.1 per cent year-on-year demand growth for air cargo in September. Capacity increased 2.9 per cent year-on-year.

Latin American carriers saw 20.9 per cent year-on-year demand growth for air cargo in September, the strongest growth among the regions. Capacity increased 7.9 per cent year-on-year.

African airlines saw 1.7 per cent year-on-year demand growth for air cargo in September, the slowest among regions. September capacity increased by 13.9 per cent year-on-year.

International routes experienced exceptional traffic levels for a fifth month, with a 10.5 per cent year-on-year increase in September. Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping.