Global Air Cargo Demand Achieves Record Growth in 2024

The International Air Transport Association (IATA) released data for full year 2024 and December 2024 global air cargo market performance. Full-year demand for 2024, increased 11.3% (12.2% for international operations) compared to 2023.

Full-year 2024 demand exceeded the record volumes set in 2021.

Middle Eastern carriers saw 13% year-on-year demand growth for air cargo in 2024. Capacity increased by 5.5% year-on-year. December year-on-year demand increased 3.3% and capacity increased 0.2%.

December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7.0% for international operations).

Global capacity was 3.7% above December 2023 levels (5.2% for international operations). Cargo yields were 6.6% higher than December 2023 (and 53.4% higher than in December 2019).

Willie Walsh, IATA’s Director General said: "Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth.

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"Demand, up 11.3% year-on-year, was boosted by particularly strong e-commerce and various ocean shipping restrictions.

"This combined with airspace restrictions which limited capacity on some key long-haul routes to Asia helped to keep yields at exceptionally high levels. While average yields continued to soften from peaks in 2021-2022 they averaged 39% higher than 2019.

Looking to 2025, IATA estimates growth to moderate to 5.8%, aligned with historical performance.

Walsh adds: “Economic fundamentals point to another good year for air cargo—with oil prices on a downward trajectory and trade continuing to grow. There is no doubt, however, that the air cargo industry will be challenged to adapt to unfolding geopolitical shifts.

"The first week of the Trump administration demonstrated its strong interest in using tariffs as a policy tool that could bring a double whammy for air cargo—boosting inflation and deflating trade."

Global trade in goods grew by 3.6% annually in 2024.

Read More: Air Cargo Demand Up 8.2% in November 2024 - 16th Month of Consecutive Growth - IATA Report