The number of passengers and air cargo is growing strongly at international level

IATA data for July 2024 on global markets shows continued strong annual growth in demand

(Source: IATA)

Total demand, measured in cargo tonne-kilometers (CTKs*), increased by 13.6% compared to July 2023 levels (14.3% for international operations). This is the eighth consecutive month of double-digit year-over-year growth, with overall levels reaching levels not seen since the record peaks of 2021.

Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 8.3% compared to July 2023 (10.1% for international operations). This was largely due to the growth in international hold capacity, which increased by 12.8% thanks to the strength of passenger markets and a balance with the 6.9% growth in international cargo capacity. It should be noted that the increase in hold capacity is the lowest in 40 months, while cargo capacity growth is the highest since an exceptional jump was recorded in January 2024.

Several factors of the operating environment must be taken into account:

In July, the global manufacturing purchasing managers' index (PMI) indicated expansion at 50.2, while the global new export orders PMI continued to hover below the 50 mark at 49.4, an indicator of contraction.

Industrial production remained flat month-on-month in July and global cross-border trade rose 0.7%.

Inflation remained relatively stable in July in the US, Japan and the EU, with inflation rates at 2.9%, 2.8% and 2.8% respectively. Meanwhile, China's inflation rate rose 0.3 percentage points to 0.6%, the highest level in five months.

Passenger demand increased by 8% in July

July 2024 data on global passenger demand offers the following highlights:

Total demand, measured in passenger kilometres (RPK), increased by 8.0% compared to July 2023. Total capacity, measured in available seat kilometres (ASK), increased by 7.4% year-on-year. Load factor in July was 86.0% (+0.5 ppt compared to July 2023).

International demand increased by 10.1% compared to July 2023. Capacity increased by 10.5% year-on-year and load factor fell to 85.9% (-0.3ppt compared to July 2023).

Domestic demand increased by 4.8% compared to July 2023. Capacity increased by 2.8% year-on-year and the load factor was 86.1% (+1.7ppt compared to July 2023).

“July was another positive month, with passenger demand reaching an all-time high for the industry and in all regions except Africa, despite the significant disruption caused by the CrowdStrike IT outage,” said Willie Walsh, IATA’s Director General.

All regions showed strong growth in international passenger markets in July 2024 compared to July 2023, with signs that many markets are returning to long-term growth trends following the post-pandemic recovery.

Domestic demand rose in July, with solid growth translating to record highs in all key markets except India. Brazil again recorded the fastest growth, while Japan and Australia recovered from negative growth in the previous month.

Source: IATA.

 


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