IATA: Air Cargo Reaches New Heights Amid Record Demand

Global demand for air cargo reached record levels in 2024, surpassing the previous record volumes set in 2021. 

That's according to the latest data from the International Air Transport Association (IATA), which reports that demand – measured in cargo tonne-kilometres (CTK) – rose by 11.3% compared to 2023, with international operations seeing a 12.2% increase. 

Capacity, measured in available cargo tonne-kilometres (ACTK), also grew, rising 7.4% year-on-year and by 9.6% for international operations. Despite these capacity gains, average cargo yields for the year were 1.6% lower than 2023 but remained 39% higher than the pre-pandemic levels seen in 2019.

December 2024 proved a strong month, with global demand up 6.1% from the previous December and international operations rising by 7%. Cargo yields that month were 6.6% higher year-on-year and stood 53.4% above December 2019.

“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before," says Willie Walsh, Director General of IATA.

"Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions.”

Regional performance

Region by region, Asia-Pacific led the charge in 2024, recording a 14.5% increase in year-on-year demand, while capacity rose by 11.3%. December showed continued growth, with demand increasing by 8.4% and capacity by 6.3%.

Middle Eastern carriers followed closely behind with a 13% year-on-year rise in demand and a 5.5% boost in capacity. Latin America saw a 12.6% demand increase, with December achieving the strongest regional growth at 10.9% year-on-year.

African airlines recorded an 8.5% rise in demand, though December saw a 0.9% decline, the only negative figure for the month. European and North American carriers saw more modest gains, with Europe growing by 11.2% year-on-year and North America trailing at 6.6%.

International routes maintained exceptional traffic levels for a 17th consecutive month, growing 7% year-on-year in December. E-commerce demand in the US and Europe played a significant role in sustaining growth, as ongoing capacity constraints in ocean shipping continued to push businesses towards air transport.

Outlook for 2025

The wider economic landscape presents a mixed picture. IATA notes that global trade in goods grew by 3.6% annually in 2024, but manufacturing output and export orders remained below the critical Purchasing Managers Index (PMI) threshold of 50, indicating declining production and exports.

Inflation trends varied, with the US and EU both seeing slight increases to 2.9% and 2.7% respectively, while China’s consumer inflation fell to 0.1%, marking a fourth consecutive year-on-year decline.

Looking ahead, IATA projects air cargo demand to moderate in 2025, with a 5.8% growth forecast, aligning with historical performance.

Walsh goes on to highlight potential challenges: “Economic fundamentals point to another good year for air cargo, with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts.”

Despite these concerns, the outlook remains relatively optimistic as demand for air cargo continues to benefit from global trade growth and evolving supply chain dynamics.

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