Positive momentum for air cargo continued in March as it became the fourth consecutive month of double-digit year-on-year growth.
IATA reported that total demand, measured in cargo tonne-kilometers (CTKs), rose by 10.3% compared to March 2023 levels, following rises in both February and January.
“Air cargo demand grew by 10.3% over the previous March. This contributed to a strong first quarter performance which slightly exceeded even the exceptionally strong 2021 first quarter performance during the Covid crisis,” said Willie Walsh, IATA’s director general.
“With global cross-border trade and industrial production continuing to show a moderate upward trend, 2024 is shaping up to be a solid year for air cargo.”
Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3% compared to March 2023. As with the preceding months this year, belly capacity has continued to return to the market.
The global economy improved during the month. In March, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, indicating expansion.
March also marked a return to deflation after February’s brief period of inflation, said IATA.
In the EU and Japan, inflation rates fell to 2.6% and 2.7% respectively and China experienced a slight deflation of -0.01%. However, inflation in the US rose to 3.5%.
This was supported by a 1.2% increase in global cross-border trade and a 1.6% increase in industrial production the previous month.
Air cargo market regional performance March 2024. Source: IATA
IATA reports an 11.9% jump in air cargo volumes for February
