The International Air Transport Association (IATA) reported a 11.3pc increase in full-year air cargo demand for 2024, surpassing previous records, with international operations seeing a 12.2pc rise compared to 2023.
Full-year capacity also rose by 7.4pc, while average yields were 1.6pc lower than in 2023 but 39pc higher than in 2019, indicating robust growth in the air cargo sector.
In December 2024, global demand remained strong at 6.1pc above December 2023 levels, with capacities and yields increasing by 3.7pc and 6.6pc respectively compared to the previous year.
IATA forecasts a moderate growth of 5.8pc for 2025, amid challenges such as geopolitical shifts and inflation pressures, while global trade in goods rose by 3.6pc annually in 2024.
Brendan Sullivan, IATA’s head of cargo shared; “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. 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. 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.”
