In February 2024, the air cargo industry witnessed a significant surge in demand, with a remarkable 11.9% increase in Cargo Tonne Kilometres (CTK) compared to the previous year, totaling 19.7 billion CTK for the month. This growth was primarily driven by strong demand on international routes, which expanded by 12.4% year-over-year (YoY).
Africa and Latin America were the only two regions that experienced month-on-month (MoM) expansions in February. Notably, airlines registered in Africa and the Middle East showed the highest annual growth rates, with 21.9% and 20.9% respectively. Following closely were carriers from Europe (15.0% YoY), Latin America (13.4%), and Asia Pacific (11.2%).
Conversely, North American airlines recorded the lowest annual growth at 3.2% YoY in February, a notable decline from the 14.1% growth observed in January. Despite this, the overall industry performance remained robust, reflecting varying regional dynamics and market conditions.
Trade lanes between Africa–Asia and Middle East–Europe experienced substantial year-over-year growth rates of 42.3% and 39.3% respectively in February. However, growth rates on routes like Middle East–Asia and Europe–Asia witnessed declines to 21.0% and 14.3% respectively. In contrast, the North America–Europe trade lane exhibited a 5.2% YoY growth, indicating regional disparities in demand and trade patterns.
These trends highlight the resilience and adaptability of the air cargo industry amid evolving global economic landscapes and shifting consumer behaviors. While certain regions and trade lanes experienced notable growth, others faced challenges and fluctuations. The industry continues to navigate through dynamic market conditions, leveraging opportunities for growth and optimizing operational efficiencies to meet the increasing demand for air freight services.