Air freight demand continues to rise, reflecting the strength of the sector amid a challenging global economic environment. According to the International Air Transport Association (IATA), in June 2024 global demand for air freight grew by 14.1% compared to the same month last year. This growth marks the seventh consecutive month of double-digit year-on-year increases, highlighting the industry’s positive performance despite global economic and political headwinds.
This remarkable growth is due, in part, to congestion at seaports and the continued boom in e-commerce, factors that have driven the preference for air freight. In addition, capacity, measured in available freight ton-kilometers (ACTK), also increased by 8.8% in June 2024, supporting the sustained increase in demand. With a record first half of the year, the air freight sector is resilient and well positioned to maintain this pace for the rest of the year.
Growth in air freight demand boosts the sector
The increase in demand, measured in freight tons-kilometers (CTKs), has been driven by several key factors, including congestion at seaports and the rise of e-commerce. In June 2024, capacity also saw significant growth of 8.8%, reflecting the sector’s ability to adapt and meet growing global demand.
Willie Walsh, IATA’s Director General, commented that “air freight is well positioned to continue its strong performance in the second half of 2024.” This growth has not only been reflected in global demand but has also set an all-time record in terms of CTK during the first half of 2024, surpassing the levels of previous years.
Regional analysis: Air freight performance by region
Asia-Pacific airlines led global growth in June 2024 with a 17.0% year-on-year increase in CTKs, with the Africa-Asia region showing the best performance with 37.5% growth. Key trade lanes, such as Europe-Asia and Inner Asia, also saw significant increases of 20.3% and 21.0% respectively.
In contrast, North American airlines reported the lowest growth worldwide with a 9.5% increase in CTKs. However, the Asia-North America trade lane, the world’s largest, saw a notable increase of 12.8%, marking a five-month high in demand. European and Middle Eastern airlines also posted solid year-on-year growth of 16.1% and 13.8%, respectively.
Prospects and challenges for the second half of 2024
Despite the strong performance in the first half of the year, the air freight sector faces certain challenges, such as strict U.S. trade policies towards e-commerce from China, which could negatively impact future growth of key trade lanes. However, growth expectations remain positive, driven by the stability of international trade and growth in global manufacturing production.
In conclusion, the air freight sector continues to show impressive strength in 2024, with continued growth and remarkable resilience in the face of global challenges. If you want to stay up to date with more news about the sector, we invite you to follow us to receive the latest updates.
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