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News 2024

March 2024 IATA Air Freight Market Analysis 
Published April 30. IATA Economic Reports.

Double digit year-on-year (YoY) growth in air cargo 


  • Global air cargo demand marked the fourth consecutive month of double-digit year-on-year (YoY) growth in cargo tonne-kilometers (CTKs) with 10.3%. With this, for the first time, cumulative Q1 traffic surpassed the record heights experienced in Q1 2021. Seasonally adjusted (SA) CTKs grew by 11.4% YoY in March.
  • International CTKs expanded by 11.4% YoY globally, supported by all regions and major trade lanes, with carriers from the Middle East, Africa, and Asia at the helm.
  • Industry-wide available cargo tonne-kilometers (ACTK), which reflect the industry's global capacity, increased by 7.3% YoY, driven by the continued expansion of international passenger belly-hold capacity.
  • The YoY surge in traffic vastly exceeded the growth seen in trade and production metrics.
  • The industry-wide air cargo yield increased by 5.0% compared to February, in line with rising load factors.

African airlines see 14.2% surge in March cargo demand

African airlines saw 14.2% YoY demand growth for air cargo in March, highlighting a persistent trend in robust annual expansion in the global air cargo markets. Demand on Africa–Asia market increased to 22.9%, however this was a 19.8 ppt notable decline compared to February’s performance and the largest contraction across the major route areas. March capacity increased by 17.3% year-on-year.  

Four consecutive months of double-digit annual growth in air cargo traffic

The air cargo industry registered 23.1 billion CTKs in March. This represents an increase of 17.4% month-on-month (MoM) which is not unusual for this particular season, but also 10.3% growth YoY. Last month marked the 4th consecutive instance of double-digit YoY growth amid ongoing conflicts in the Middle East and Ukraine. Download the full report...