Airlines in Africa have seen an 8.5% rise in air cargo demand during 2024.
The International Air Transport Association (IATA) released data for full year 2024 and December 2024 global air cargo market performance.
African airlines saw 8.5% year-on-year demand growth in 2024, and capacity increased by 13.6% year-on-year.
That said, Africa only achieved a 41.8% cargo load factor (meaning that less than half of the available capacity was taken up by the market).
Africa is thus lagging behind the rest of the world.
In fact, Africa only accounted for 2.0% of the total global air cargo market in 2024.
GLOBAL AIR CARGO DEMAND
Full-year demand for 2024, measured in cargo tonne-kilometers (CTK), increased 11.3% (12.2% for international operations) compared to 2023.
Full-year 2024 demand also exceeded the record volumes set in 2021.
“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,” said Willie Walsh, IATA’s Director General.
AIR CARGO DEMAND 2024
Full-year capacity in 2024, measured in available cargo tonne-kilometers (ACTK), increased by 7.4% compared to 2023 (9.6% for international operations).
Full-year yields averaged 1.6% lower than in 2023 but 39% higher than in 2019.
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 in December 2023 (and 53.4% higher than in December 2019).
REGIONAL PERFORMANCE
Asia-Pacific airlines saw 14.5 percent year-on-year demand growth in 2024, the strongest among the regions. Capacity increased by 11.3 percent.
North American carriers saw 6.6 percent year-on-year demand growth in 2024, the lowest of all regions. Capacity increased by 3.4 percent year-on-year.
European carriers saw 11.2 percent year-on-year demand growth and capacity increased by 7.8 percent year-on-year.
Middle Eastern carriers saw 13 percent year-on-year demand growth and capacity increased by 5.5 percent YoY.
Latin American carriers saw 12.6 percent year-on-year demand growth while capacity increased by 7.9 percent year-on-year.
African airlines saw 8.5% year-on-year demand growth in 2024, and capacity increased by 13.6% year-on-year.
TRADE LANE ROUTES
Significantly, Trade Lanes international routes experienced exceptional traffic levels for the 17th consecutive month with a seven percent year-on-year increase in December.
Airlines are benefiting from rising e-commerce demand in the U.S. and Europe amid ongoing capacity limits in ocean shipping, the update added.
The Africa-Asia lane saw demand decline four percent in December with a market share of 1.40 percent.
Asia-North America reported eight percent year-on-year growth, 14 months of consecutive growth.
Within Asia, the lane reported 11 percent year-on-year growth, 14 months of consecutive growth.
OUTLOOK FOR 2025
Looking to 2025, IATA estimates growth to moderate to 5.8%, which is 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,” said Walsh.
