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News 2024

January 2024 IATA Air Freight Market Analysis 
Published March 5. IATA Economic Reports.

Air cargo demand increases 18.4% increase YoY 


  • Global air cargo demand kicked off with an impressive 18.4% year-on-year (YoY) growth in January. The industry therefore experienced the highest annual growth in cargo tonne-kilometers (CTK) since the 2021 summer season. Seasonally adjusted (SA) CTKs grew 3.2% month-on-month (MoM).
  • International CTKs expanded YoY both globally (+19.8%) and across all major trade lanes. The annual growth was championed by routes and carriers in the Middle East and Asia.
  • On the capacity side, industry-wide available cargo tonne-kilometers (ACTK) rose by 14.6% YoY last month, in large part thanks to the continued expansion of international passenger belly-hold capacity.
  • The expansion in traffic compared to January 2023 was supported by easing inflation across major economies. It continued to outpace YoY growth in trade and production figures.
  • Industry-wide air cargo yields declined by 10.4% relative to the previous month, with no apparent upward pressure from the Red Sea Shipping Crisis.

African airline cargo volumes up 19.4% YoY

African airlines saw their air cargo volumes increase by 17.0% in January 2024, much improved compared to December’s performance (-1.2%). Carriers in the region benefitted from strong growth on the Africa-Asia trade lane. Capacity in January was 19.4% above January 2023 levels. The Africa–Asia trade lane experienced exceptional YoY growth in international CTKs at 52.5%.

Air cargo demand exhibited the second consecutive month of double-digit annual growth in January

The airline industry recorded 20.8 billion CTKs in January. This is a non-negligible 8.8% drop following the seasonal December peak, which is typically driven by the Holiday season, inventory management, and other year-end business transactions. Download the full report...