"IATA": Demand for air freight in February maintains high levels
Geneva, April 15 / WAM / The International Air Transport Association (IATA) revealed the continued strong annual growth in demand in global air freight markets during the month of February.
The Union said in a report issued today: “The total demand, measured by freight tons per kilometer, rose by 11.9% compared to February 2023 levels, and this is the third month in a row that witnessed double-digit demand growth on an annual basis.”
The report explained that the capacity, measured by available cargo tons per kilometre, increased by 13.4% compared to February 2023, and this is largely related to the increase in international capacity accompanying the growth in passenger markets, which far exceeded the international capacity on freighter aircraft.
Willie Walsh, Director General of the International Air Transport Association (IATA), said: “The 11.9% growth in demand in February exceeded the 0.9% expansion in cross-border trade. This strong start to 2024 could lead to demand exceeding the exceptionally high levels in the beginning of the year. The year 2022… also demonstrates the resilience of air cargo in the face of continuing global crises and economic uncertainty.”
North American airlines saw air freight demand grow 4.2% year-on-year in February, the weakest performance among all regions.
Demand on the North America-Europe trade route grew by 5.2% year-on-year, while demand on the North America-Asia trade route grew by 3.9% year-on-year.
European airlines saw an increase in air freight volumes by 14.6% year-on-year in February. Air freight rates in the European market rose by 24.5% year-on-year, the strongest performance in nearly three years.
The trade route between Europe and the Middle East witnessed a growth in demand of 39.3% on an annual basis, while the trade route between Europe and North America witnessed a growth of 5.2% on an annual basis.
Airlines in the Middle East recorded an increase in air cargo volumes by 20.9% year-on-year in February. The Middle East and Europe market was the strongest performer with a growth of 39.3%, far outperforming the Middle East and Asia market, which achieved a growth of 21.9% year-on-year. Annual… Capacity increased in February by 16.2% on an annual basis.
Latin American airlines also saw air cargo volumes increase by 13.7% year-on-year in February. Capacity increased by 8.9% year-on-year.
African airlines achieved the strongest performance among all regions and recorded a growth in demand for air freight by 22.0% on an annual basis in February, while the trade corridor between the countries of Africa recorded a growth of 42.3% on an annual basis.
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