February 16, 2025
Global Air Cargo Achieves Record Growth in 2024

Global Air Cargo Achieves Record Growth in 2024

The global air cargo industry achieved record growth in 2024, with IATA cautiously optimistic in its outlook for further growth in 2025.
Air cargo is unloaded from an aircraft at Glasgow Prestwick, Scotland.
Photo Credit: Glasgow Prestwick Airport

The global air cargo industry achieved record growth in 2024, according to the International Air Transport Association’s (IATA) latest market performance data.

Demand reached record levels, surpassing even the remarkable volumes seen in 2021. This marked a significant waypoint in the industry’s post-pandemic recovery.

2024 Air Cargo Performance


Global cargo demand, measured in cargo tonne-kilometers (CTK), rose significantly by 11.3% compared to 2023. International operations fared well, showing an even stronger increase of 12.2%.

Available cargo capacity (ACTK) grew by 7.4% overall, while international operations saw a 9.6% expansion.

Though yields averaged slightly lower than 2023, dropping 1.6%, they remained an impressive 39% above pre-pandemic 2019 levels, demonstrating sustained market strength.

A Lufthansa Cargo freight is loaded.
Photo Credit: Lufthansa Cargo

December 2024 concluded the year on a particularly high note, with global demand climbing 6.1% above December 2023 levels.

Capacity increased by 3.7%, while cargo yields showed impressive growth, rising 6.6% compared to the previous December. They maintained levels 53.4% higher than December 2019.

These year-end figures underscore the robust recovery and growth trajectory of the air cargo sector.

IATA Director General Willie Walsh highlighted the industry’s exceptional performance. “Air cargo proved to be 2024’s standout performer, with airlines moving more cargo than ever before.”

“Strong e-commerce growth and ocean shipping restrictions drove demand, while airspace limitations on key Asian routes helped maintain high yields.” This combination of factors created optimal conditions for the industry’s remarkable performance.

Key Economic Indicators


The global trade landscape saw mixed signals in 2024. While overall trade in goods grew by a solid 3.6%, December’s manufacturing indicators suggested some slowdown.

Both the manufacturing output PMI (49.2) and new export orders PMI (48.2) fell below the crucial 50-point threshold, indicating contracting activity. These metrics warrant careful monitoring as the industry moves into 2025.

Inflation patterns varied significantly across major economies in December. The US saw a slight increase to 2.9%, while EU inflation rose to 2.7%.

Meanwhile, China’s consumer inflation continued its decline, dropping to 0.1%, raising concerns about economic deceleration in one of the world’s largest cargo markets.

Regional Market Performance


Asia-Pacific carriers dominated regional growth with a remarkable 14.5% increase in demand, supported by an 11.3% capacity expansion. This performance reflects the region’s strong economic recovery and its central role in global supply chains.

Middle Eastern airlines followed with an impressive 13% demand growth, while Latin American carriers achieved a strong 12.6% growth rate.

European carriers posted solid growth at 11.2%, benefiting from robust intra-regional trade and recovering long-haul routes.

African airlines saw encouraging improvement with 8.5% growth, despite facing regional challenges. North American carriers recorded the most modest growth at 6.6%, though this figure still represents significant absolute volume given the market’s size.

International routes maintained their strong performance for the 17th consecutive month, showing 7% year-on-year growth in December.

This sustained growth was particularly driven by increasing e-commerce demand in US and European markets, alongside persistent ocean shipping capacity constraints, which continued to drive cargo traffic from sea to air routes.

Looking Ahead


Looking ahead to 2025, IATA projects more moderate but still healthy growth of 5.8%. Walsh noted that economic indicators suggest another positive year.

However, despite declining oil prices and continued trade growth, geopolitical challenges loom large, particularly regarding trade policies and potential tariffs.

Overall, the industry remains cautiously optimistic for 2025, while preparing for potential headwinds.

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