Middle Eastern Cargo Carriers Lead Global Air Cargo Growth in March 2024

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.