African airlines see slow cargo demand growth in Oct: IATA

African airlines saw 1.6 percent demand growth for air cargo, measured in cargo tonne-kilometers (CTKs), in October 2024 compared to the same period last year, the slowest among regions.

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.7 percent year-on-year, according to the latest data from the International Air Transport Association (IATA).

Africa-Asia trade lane saw 13.3 percent increase in October, 14 consecutive months of growth, the update added.

Latin American carriers saw 18.5 percent year-on-year demand growth for air cargo in October, the strongest growth among the regions. Capacity increased 5.8 percent year-on-year.

Asia-Pacific airlines saw 13.4 percent year-on-year demand growth while capacity increased by 9.3 percent.

North American carriers saw 9.5 percent year-on-year demand growth while capacity was up by 5.8 percent.

European carriers saw 7.6 percent year-on-year demand growth and capacity increased 3.9 percent.

Middle Eastern carriers saw 4.5 percent year-on-year demand growth and capacity increased 0.8 percent.

Global demand up for 15th month
Total demand rose by 9.8 percent in October 2024 compared to October 2023 levels (10.3 percent for international operations) for the 15th consecutive month of growth.

Capacity increased by 5.9 percent compared to October 2023 (7.2 percent for international operations), the update added. "This was largely driven by an 8.5 percent increase in international belly capacity. Dedicated freighter capacity increased by 5.6 percent, the seventh consecutive month of growth with volumes nearing 2021 peak levels."

Willie Walsh, Director General, IATA says: "Air cargo markets continued their strong performance in October, with demand rising 9.8 percent year-on-year and capacity up 5.9 percent. Global air cargo yields (including surcharges) continue to rise, up 10.6 percent on 2023 and 49 percent on 2019 levels. While 2024 is shaping up to be a banner year for air cargo, we must look to 2025 with some caution. The incoming Trump Administration’s announced intention to impose significant tariffs on its top trading partners — Canada, China and Mexico — has the potential to upend global supply chains and undermine consumer confidence. The air cargo industry’s proven adaptability to rapidly evolving geopolitical and economic situations is likely to be tested as the Trump agenda unfolds."

International routes experienced exceptional traffic levels for the fifth consecutive month with a 10.3 percent year-on-year increase in October, the update added. "Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping."

Asia-North America trade lane reported 8.6 percent growth in October, the 12th consecutive month of double digit growth. Middle East-Europe was 15.3 percent increase for 15 months of consecutive growth.