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POSITIVE momentum for air cargo continued in march as it became the fourth consecutive month of double-digit year-on-year growth.
IATA reported that total demand, measured in cargo tonne-kilometers (CTKs), rose by 10.3 per cent compared to March 2023 levels, following rises in February, January and December.
The trade body noted that ‘for the first time, cumulative Q1 traffic surpassed the record heights experienced in Q1 2021’.
The industry-wide air cargo yield also increased by 5 per cent compared to February, in line with rising load factors, reports London’s Air Cargo News.
‘Air cargo demand grew by 10.3 per cent over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the Covid crisis,’ said Willie Walsh, IATA’s director general.
‘With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo.’
IATA added: ‘The 10.3 per cent year on year growth in industry CTKs was driven by traffic on international routes, which expanded by a total of 11.4 per cent year on year in March, helped by the rapidly increasing demand for e-commerce services.’
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3 per cent compared to March 2023. As with the preceding months this year, international belly capacity has continued to return to the market.
‘The annual growth in industry ACTKs for March was almost exclusively driven by bellyhold capacity, which recorded the 35th month of consecutive double-digit growth in March with 20.6 per cent year on year,’ noted IATA.
‘In stark contrast, international cargo capacity on dedicated freighters rose by a modest 1.2 per cent year on year.’
Air cargo’s robust performance in March is alongside an improved global economy. In March, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, indicating expansion.
March also marked a return to deflation after February’s brief period of inflation, said IATA.
The Middle East had the strongest demand growth of all regions in March, while North America had the weakest demand growth.
Middle Eastern carriers saw 19.9 per cent year-on-year demand growth for air cargo in March. Asia Pacific airlines saw 14.3 per cent growth. African airlines saw 14.2 per cent growth. European carriers saw 10 per cent growth while Latin American carriers saw 9.2 per cent growth.
# march# air# cargo# volumes# up# 10pc# iata
