Global air cargo demand sees strong growth in November

The International Air Transport Association (IATA) reported an 8.2 per cent year-over-year increase in global air cargo demand in November 2024, marking the 16th consecutive month of growth. International operations saw a 9.5 per cent rise, with capacity expanding 4.6 per cent overall and 6.5 per cent internationally. 

“It was a good November for air cargo,” said IATA director general Willie Walsh, noting yield growth of 7.8 per cent supported by lower fuel costs and tight market conditions. Walsh remained optimistic about closing 2024 on a profitable note but flagged potential risks such as inflation, geopolitical uncertainties and trade tensions. 

Among regions, Asia-Pacific airlines led with a 13.2 per cent increase in demand, while North America, Latin America and Europe also saw strong gains of 6.9 per cent, 11.6 per cent and 5.6 per cent, respectively. Middle Eastern carriers reported a 3.6 per cent rise, while Africa recorded a 0.7 per cent decline. 

Global manufacturing activity showed resilience, with the Purchasing Managers Index (PMI) for manufacturing output above the 50-mark, indicating growth. However, continued weakness in new export orders highlighted lingering trade uncertainties. 

IATA noted exceptional international traffic levels, driven by rising e-commerce demand in the U.S. and Europe, as ocean shipping constraints persist.