Capacity, measured in available cargo tonne-kilometres (ACTK), rose by 4.6 percent compared to November 2023, with international operations seeing a 6.5 percent increase.
IATA’s Director-General, Willie Walsh, remarked that November was a positive month for air cargo, with demand growth of 8.2 percent significantly outpacing the 4.6 percent rise in cargo capacity.
“Fuel prices were 22 percent lower than the previous year, and tight market conditions contributed to a yield growth of 7.8 percent. Overall, we anticipate concluding 2024 with a profitable air cargo performance. While this robust trend is likely to continue into 2025, we must remain vigilant regarding potential risks, including inflation, geopolitical tensions, and trade disputes,” Walsh stated.
In terms of year-on-year performance, industrial production saw a 2.1 percent increase in October. Global goods trade expanded for the seventh consecutive month, recording a 1.6 percent rise.
The Purchasing Managers Index (PMI) for global manufacturing output remained above the 50-mark in November, indicating growth. However, the PMI for new export orders fell below the 50-mark, reflecting ongoing uncertainty and weakness in global trade.
In the United States, headline inflation, as measured by the annual Consumer Price Index (CPI), increased by 0.1 percentage points to 2.7 percent in November. Similarly, the inflation rate in the European Union rose by 0.2 percentage points to 2.5 percent during the same month. In contrast, China’s consumer inflation dropped to 0.2 percent in November, raising concerns about an economic slowdown.
Airlines in the Asia-Pacific region reported a remarkable 13.2 percent year-on-year growth in air cargo demand for November, the highest among all regions, with capacity increasing by 9.4 percent year-on-year.
North American airlines experienced a 6.9 percent increase in air cargo demand year-on-year in November, with capacity rising by 2.2 percent over the same period.
European airlines reported a 5.6 percent year-on-year growth in air cargo demand for November, while capacity saw a 4.3 percent increase.
Middle Eastern airlines recorded a 3.6 percent year-on-year rise in air cargo demand in November, although capacity experienced a slight decline of 0.6 percent.
Latin American airlines achieved an impressive 11.6 percent year-on-year growth in air cargo demand in November, accompanied by a 6.4 percent increase in capacity.
In contrast, African airlines faced a 0.7 percent year-on-year drop in air cargo demand in November, marking the slowest growth among the regions, despite a 0.4 percent increase in capacity.