The latest data from the International Air Transport Association (IATA) reveals the status of global air cargo markets in September 2023, indicating a sustained recovery in demand.This data is pivotal for businesses navigating the economic landscape, aiding strategic decisions and resilience planning. Based on the reports, we have curated the top 5 Air Cargo Trends to look out for 2024.

Manufacturing Output and Trade Trends

The manufacturing output Purchasing Managers Index (PMI) slightly improved to 49.7, indicating a persistent, albeit slower, annual decline in global manufacturing production and exports.

Global Cross-Border Trade

Global cross-border trade contracted for the fifth consecutive month in August, with a 3.8% year-over-year decrease, reflecting a cooling global macroeconomic environment.

Inflation and Jet Fuel Prices:

Annual growth in US consumer prices stabilized at 3.7%. Europe and Japan experienced a slowdown in consumer price inflation. The average price of jet fuel in September was USD 121/bbl, contributing to the first increase in air cargo yields since November 2022.

Top Trends to watch out for:

1. Air Cargo Dynamics:

In September, global air cargo demand stretched its wings with a modest 1.9% YoY growth, reaching 20.8 billion CTKs.

The skies were bustling with activity as air cargo capacity, measured in ACTKs (available cargo tonne kilometers), soared by an impressive 12.1% YoY. The driving force? A surge in international belly cargo capacity, notably in the Asia Pacific, Latin America, and the Middle East regions.