IATA: Aug. Marks 9 Months of Double Digit Air Cargo Growth


   
    

    

   OAKHURST, N.J. (DTN) --- The International Air Transport Association 
released data for August global air cargo markets showing continued strong 
annual growth in demand.

   Total demand, measured in cargo tonne-kilometers, rose by 11.4% compared to 
August 2023 levels, the ninth consecutive month of double-digit year-on-year 
growth with overall levels reaching heights not seen since the record peaks of 
2021. International operations registered a 12.4% year-on-year increase.

   Capacity, measured in available cargo-tonne kilometers, increased by 6.2% 
compared to August 2023 with international operations up 8.2%. IATA reports the 
capacity increase was largely related to the growth in international belly 
capacity, which rose 10.9% on the strength of passenger markets. Industry-wide 
capacity has reached an all-time high.

   "We continue to see very good news in air cargo markets. The sector recorded 
a second consecutive month of record high demand year-to-date. Even with record 
levels of capacity, yields are up 11.7% on 2023, 2% on the previous month, and 
46% above pre-pandemic levels," said Willie Walsh, IATA's director general. 
"This strong performance is underpinned by slow but steady growth in global 
trade, booming e-commerce, and continuing capacity constraints on maritime 
shipping."

   Several factors in the operating environment should be noted:

   --In August, the Purchasing Managers Index for global manufacturing output 
and the PMI for new export orders were below the 50-mark at 49.9 and 48.4, 
respectively, indicating contraction.

   --Industrial production stayed level in August month-on-month and global 
cross-border trade fell marginally with negative 0.3%.

   --Inflation saw a mixed picture in August. In the US and EU, inflation rates 
fell to 2.6% and 2.4%, respectively, the lowest rates since 2021. In contrast, 
Japan's inflation ticked up 0.3 percentage points to 3.0%, the highest rate in 
10 months. China's inflation rate continued its moderate upward trend, growing 
by 0.1 percentage point to reach 0.7%, the highest rate in six months.




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