IATA – Air Cargo Market Analysis, Feb 2024

The air cargo market saw continued growth in February 2024, with a third consecutive month of double-digit year-on-year (YoY) growth in cargo tonne-kilometers (CTKs). International CTKs grew by 12.4% globally, with carriers from Africa and the Middle East leading the way. Industry-wide air cargo capacity also increased by 13.4% YoY, driven by expanding international passenger belly-hold capacity. Despite a 1.5% decline in air cargo yields compared to January, the industry remains strong, with traffic growth outpacing trade and production figures. February 2024 marked the third consecutive month of double-digit YoY growth in air cargo demand, with a total of 19.7 billion CTKs recorded. While seasonally adjusted CTKs saw a slight decline month-on-month, growth compared to the same period in 2023 remained strong at 10.9%. Overall, the air cargo industry is expected to continue its upward trend in demand, driven by factors such as booming e-commerce and increased interest in sea-air services due to capacity constraints in maritime shipping.