
The International Air Transport Association (IATA) says air cargo demand measured in cargo tonne kilometres (CTK) was up 9.8% in October, the 15th consecutive month of growth.
Capacity measured in available CTK (ACTK) increased by 5.9% with international belly capacity up 8.5% and freighter capacity increasing 5.6%.
Yields including surcharges were up 10.6% on 2023 and 49% above 2019 levels.
Walsh says, “While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution. The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners—Canada, China and Mexico—has the potential to upend global supply chains and undermine consumer confidence.”
He adds that air cargo’s ability to adapt to geopolitical and economic situations is likely to be tested as Trump’s agenda unfolds.
IATA says that industrial production rose 1.6% in September while global goods trade increased 2.4% for a sixth consecutive month of growth.
The increase in trade was partly due to businesses stockpiling inventory ahead of potential disruptions.
Global manufacturing activity rebounded in October with the Purchasing Managers Index (PMI) for global manufacturing output exceeding 50, indicating growth.
The PMI for new export orders was below 50, suggesting ongoing uncertainty and weakness in global trade.
Inflation based on the Consumer Price Index rose by 0.17 percentage points in the US to 2.58%, ending a six-month decline.
The inflation rate in the EU increased by 0.24 percentage points to 2.33% while China’s consumer inflation fell to 0.29%, sparking concerns of an economic slowdown.
By region, Asia-Pacific airlines saw demand growing 13.4% in October and capacity increased by 9.3%.
North American airlines had 9.5% demand growth and capacity was up 5.8%.
European airlines had demand growth of 7.6% and capacity increased by 3.9%.
Middle Eastern carriers saw 4.5% demand growth and capacity increasing by 0.8%.
Latin American carriers had the strongest growth at 18.5% and capacity increased by 5.8%.
African airlines had 1.6% demand growth and capacity was up 7.7%.
International routes had the fifth consecutive month of exceptional traffic levels with 10.3% growth in October.
IATA says airlines benefited from rising e-commerce demand in the US and Europe amid ongoing capacity limits in ocean shipping.