Airlines Moved More Air Cargo Than Ever Before: Study

Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance.

Zoom Team Adobe Stock 589111281
ZoomTeam AdobeStock_589111281

In 2024, airlines moved more air cargo than ever before, according to global air cargo market performance released by The International Air Transport Association (IATA).

"Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth. Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions. This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39% higher than 2019,” says Willie Walsh, IATA’s director general.

Key takeaways:

  • Full-year demand for 2024, measured in cargo ton-kilometers (CTK), increased 11.3% (12.2% for international operations) compared to 2023. Full-year 2024 demand exceeded the record volumes set in 2021.
  • Full-year capacity in 2024, measured in available cargo ton-kilometers (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations).
  • Full-year yields averaged 1.6% lower than 2023 but 39% higher than in 2019.
  • December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7.0% for international operations). Global capacity was 3.7% above December 2023 levels (5.2% for international operations). Cargo yields were 6.6% higher than December 2023 (and 53.4% higher than in December 2019).
  • Global trade in goods grew by 3.6% annually in 2024.
  • In December 2024, both the manufacturing output Purchasing Managers Index (PMI) (49.2) and new export orders PMI (48.2) were below the critical threshold represented by the 50 mark, indicating a decline in global manufacturing production and exports. •    U.S. headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.2 percentage points to 2.9% in December. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.7%. China’s consumer inflation fell by 0.1 percentage points to 0.1% in December, marking the fourth consecutive year-on-year decline and reinforcing concerns about an economic slowdown.
  • North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024, the lowest of all regions. Capacity increased by 3.4% year-on-year. December year-on-year demand increased 5.3% and capacity increased 2.1%.
  • Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance. 

“Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts. The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade,” says Walsh.     

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