abc 1465990612 35 scaled
The air cargo industry maintained its impressive growth trajectory in July, with global demand surging by a substantial 13.6% year-on-year (YoY).
This marks the eighth month of double-digit growth, further solidifying the industry’s resilience and adaptability.
July’s demand surge pushed overall levels to heights not seen since the record peaks in 2021, underscoring the industry’s robust performance. While capacity expanded by 8.3% YoY, demand is outpacing supply, leading to increased load factors.
Regional Highlights: Asia Pacific Dominates
Asia Pacific carriers emerged again as the frontrunners, with a remarkable 17.6% YoY demand growth. This region’s dominance was fueled by robust performance across key trade lanes, including the Within-Asia route (+19.8%), Europe-Asia (+17.9%), Middle East-Asia (+15.9%), and Africa-Asia (+15.4%) corridors.
Europe followed closely with a 13.7% YoY demand increase, driven by a strong performance in the Middle East-Europe trade lane (+32.2%). The Middle East also demonstrated solid growth (+14.7%), with the Middle East-Europe route being the standout performer.
Latin America and North America experienced growth, albeit slightly slower than Asia Pacific and Europe. Both regions were impacted by flight cancellations and airport closures related to Hurricane Beryl.
While Africa showed growth (+6.2%), it lagged behind other regions, marking its lowest recorded figure for 2024.
Economic Indicators and Capacity
The global economic landscape presented a mixed picture in July. While manufacturing output remained positive, new export orders continued to contract. Inflation remained relatively stable in major economies, except for China, which saw a slight increase.
Despite these economic headwinds, the air cargo industry demonstrated resilience, weathering challenges such as the IT outage affecting Microsoft systems worldwide.
Capacity growth was driven primarily by the expansion of international belly capacity (+12.8%), reflecting the strength of passenger markets. Freighter capacity also increased (+6.9%) but at a slower pace compared to previous months.
Conclusion
The air cargo industry’s ability to navigate complexities and capitalize on opportunities positions it for continued success in the coming months despite potential economic and geopolitical uncertainties.
The sustained double-digit growth, strong regional performance, and resilience to challenges demonstrate the industry’s enduring strength.
