Global air cargo demand up 11.9% in February

The association said the increase marked the third consecutive month of double-digit year-on-year growth.

KUALA LUMPUR: The global air cargo industry registered a total of 19.7 billion cargo tonne-kilometres (CTKs) in February 2024, representing an increase of 11.9% year-on-year (y-o-y), according to the International Air Transport Association (IATA).

The association said the increase marked the third consecutive month of double-digit y-o-y growth after accounting for a seasonally reduced activity in Asia-Pacific after the Lunar New Year mid-month.

“Notably, February 2024 was a leap year with one extra day compared to February 2023, which slightly exaggerates annual growth rates to the positive,” IATA said in a statement yesterday.

Furthermore, it said industry-wide air cargo capacity, measured by available cargo tonne-kilometres, has risen by 13.4% y-o-y, largely due to the continued expansion of international passenger belly-hold capacity.

In year-to-date terms, IATA said up to February, cumulative industry CTKs posted a total of 40.5 billion, up an impressive 15% from the 2023 value and only 0.3% below the heights experienced in early 2022. — Bernama