Aviation360 MEA

According to the latest data released by the International Air Transport Association (IATA), global air cargo markets experienced robust year-on-year demand growth in March 2024, marking the fourth consecutive month of double-digit growth. Total demand, measured in cargo tonne-kilometers (CTKs), increased by 10.3% compared to March 2023, with international operations showing an even stronger growth rate of 11.4%.

Middle Eastern carriers emerged as the frontrunners with a remarkable 19.9% year-on-year demand surge in March, surpassing all other regions. Notably, the Middle East–Europe market exhibited the strongest performance, witnessing a growth rate of 38.3%, followed closely by Middle East-Asia with a 19.6% increase. March also saw a 10.6% year-on-year increase in capacity.

Willie Walsh, Director General of IATA, commented on the robust growth, stating that the air cargo demand in March contributed to a strong first quarter performance, exceeding the exceptional levels observed during the COVID crisis in 2021. He attributed this growth to the moderate upward trend in global cross-border trade and industrial production, indicating a promising outlook for air cargo in 2024.

Regional performances varied, with Asia-Pacific airlines experiencing a 14.3% year-on-year demand growth, while North American carriers recorded the weakest growth at 0.9%. European carriers saw a significant 10.0% year-on-year demand increase, driven by a surge in intra-European air cargo. Latin American and African airlines also reported positive growth rates of 9.2% and 14.2%, respectively. Despite some fluctuations in demand across specific routes, overall, March 2024 showcased a strong momentum for the global air cargo industry, reinforcing its vital role in facilitating international trade and economic recovery.