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(06/03/24)
 IATA has reported that total air cargo demand,
measured in cargo tonne-kilometers (CTK), increased by 18.4% in
January 2024 compared to the same month last year, with
international operations up 19.8%, the highest annual growth in
CTK since the summer season of 2021.

Capacity, measured in available cargo tonne-kilometres (ACTK), was up 14.6% compared to January 2023 and
18.2% for international operations. International belly capacity
rose 25.8% year-on-year on the strength of passenger markets.

Air cargo growth outpaced trade and production,
and IATA highlights several factors to consider:

– Global cross-border trade increased by 1% in
December compared to the previous month (-0.2% year-on-year);

– In January, the manufacturing output Purchasing
Managers’ Index (PMI) improved to 50.3, surpassing the 50 mark for
the first time in eight months, indicating expansion. The new
export orders PMI also saw an increase to 48.8, but remains below
the critical 50 threshold, suggesting a continuing yet
decelerating decline in global exports; and

UPS Boeing 747-8F reg: N607UP. Picture by Steven Howard of TravelNewsAsia.com

– Inflation in major economies continued to ease
from its peak in terms of Consumer Price Index (CPI) in January,
reaching 3.1% in both the US and in the EU, and 2.1% in Japan.
China’s CPI, however, indicated deflation for the fourth
consecutive month, raising concerns of an economic slowdown.
China’s negative inflation rate of -0.8% was the lowest since the
Global Financial Crisis in 2009.

“The booming e-commerce sector is continuing to
help air cargo demand to trend above growth in both trade and
production since the last quarter of 2023,” said Willie Walsh,
IATA’s Director General. “The counterweight to this good news is
uncertainty over how China’s economic slowdown will unfold. This
will be on the minds of air cargo executives meeting in Hong Kong
next week for the IATA World Cargo Symposium with an agenda
focused on digitalization, efficiency and sustainability.”

Asia-Pacific airlines saw their air cargo volumes
increase by 24.6% in January 2024 compared to the same month in
2023. This performance was above the previous month (+18.5%).
Carriers in the region benefited from ongoing growth in
international CTKs on three major trade lanes: Africa-Asia
(+52.5%), Middle East-Asia (+29.5%) and Europe-Asia (+27.5%).
Available capacity for the region’s airlines increased by 25%
compared to January 2023 as more belly capacity came online from
the passenger side of the business.

North American carriers had the weakest
performance of all regions in January with a 9.3% increase (year-on-year)
in cargo volumes. This was an improvement in performance compared
to December (2%). Carriers in the region benefitted from growth
on the North America-Asia trade lane (+17.1%) and North
America-Europe trade lane (+3.5%). Capacity increased by 3.8%
compared to January 2023.

European carriers saw their air cargo volumes
increase by 16.4% in January compared to the same month in 2023.
This was a stronger performance than in December (+8.6%). Carriers
in the region benefitted from the strong growth in international
CTKs in the within Europe market (+18.4%) and the Europe – Asia
route (+27.5%). Gains made from the significant expansion in the
Middle East-Europe trade lane (+46.1%) also benefited carriers in
the region. Capacity increased 12.5% in January 2024 compared to
the same month in 2023.

Middle Eastern carriers had the strongest
performance in January 2024, with a 25.9% year-on-year increase in
cargo volumes. This was a significant improvement from the
previous month’s performance (+18.3%). Carriers in the region
benefited from growth in the Middle East–Asia (+29.5%) and Middle
East–Europe markets (+46.1%). Capacity increased 17.1% compared to
January 2023.

Latin American carriers experienced a 13.4%
increase in cargo volumes compared to January 2023, a notable
increase compared to the previous month’s gain (+6.4%). Capacity
in January was up 6.6% compared to the same month in 2023.

African airlines saw their air cargo volumes
increase by 17% in January 2024, much improved compared to
December’s performance (-1.2%). Carriers in the region benefitted
from strong growth on the Africa-Asia trade lane. Capacity in
January was 19.4% above January 2023 levels.

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