Global air cargo market saw rising demand, capacity, trade across board in March 2024

Total demand up 10.3%, capacity 7.3%, trade 1.2%, with manufacturing PMI climbing 51.9, according to global airlines trade group

ISTANBUL (AA) – The global air cargo market is seeing increases across the board in its demand, capacity, trade, and industrial production, according to data the International Air Transport Association (IATA) released on Tuesday.

Total demand climbed 10.3% year-on-year in March 2024, marking the fourth increase in a row.

As for the global air cargo capacity, it soared 7.3% on an annual basis.

“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.

The IATA report noted that global cross-border trade rose 1.2% and industrial production 1.6% in February.

It said the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, as well as the new export orders PMI, which rose to 49.5.

The report highlighted mixed signals on inflation, as rates in the EU fell to 2.6%, and to 2.7% in Japan, though the US saw its inflation rise to 3.5%. Conversely, China’s deflation was noted in the report, as it saw a rate of minus 0.01%.

“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,” added Walsh.

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