The air cargo industry sustained robust momentum in June 2024, as indicated by data released by the International Air Transport Association (IATA). Total demand, measured in cargo tonne-kilometers, surged 14.1% year-over-year, marking the seventh consecutive month of double-digit growth. This exceptional performance contributed to an outstanding first half of the year, surpassing even the record-breaking levels of 2021.
While demand soared, capacity also expanded, albeit at a slower pace of 8.8% compared to the previous year. This imbalance between supply and demand contributed to the overall strength of the market.
The broader economic environment presented a mixed picture. Global manufacturing output expanded, as reflected by the Purchasing Managers' Index (PMI), but new export orders contracted slightly. Cross-border trade exhibited modest growth, while industrial production remained stagnant. Inflationary pressures varied across regions, with the EU and Japan experiencing stability, the US witnessing a decline, and China grappling with persistently low inflation due to weak domestic demand.
Regional performance highlighted disparities within the industry. The Asia Pacific region emerged as the frontrunner, with a remarkable 17% year-over-year demand growth. The Africa-Asia trade lane stood out with a staggering 37.5% increase. In contrast, North America registered the weakest growth at 9.5%. However, the Asia-North America trade lane, the world's largest, experienced a significant 12.8% expansion.
Europe, the Middle East, Latin America, and Africa all reported double-digit demand growth, demonstrating the industry's broad-based strength. Intra-regional traffic, particularly in Europe, continued to thrive.
These figures underscore the resilience of the air cargo sector amidst global economic complexities. However, the sustainability of this growth trajectory will depend on various factors, including the evolution of geopolitical tensions, supply chain disruptions, and fluctuations in consumer spending.
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