IATA: AI-related cargo drives double-digit growth in trans-Pacific air cargo market in September
IATA data shows that in September, global air cargo demand grew 7.7% year-on-year, while capacity grew only 2.7%. AI-related cargo shipments pushed the trans-Pacific market to achieve double-digit growth once again. North American airlines led in demand, with year-on-year growth of 11.8%, while capacity grew only 0.8%. Aviation fuel prices have more than doubled compared with a year ago, and cargo yields have failed to rise in tandem, making profitability more difficult.
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The mismatch between demand and capacity is keeping global air cargo prices elevated.
The latest data from the International Air Transport Association (IATA) on the global air cargo market in September shows that global air cargo demand, measured in cargo tonne-kilometers (CTK), grew 7.7% year on year, with international cargo demand up 8.6%. Meanwhile, global air cargo capacity, measured in available cargo tonne-kilometers (ACTK), grew 2.7% year on year, with international cargo capacity up 3.3%. By comparison, air cargo demand worldwide has not outpaced actual capacity.
Aditi Rasquinha, CEO of DHL Global Forwarding Greater China, said in an interview with Yicai: "Current air freight rates are higher than a year ago, and behind this situation is the mismatch between demand and capacity, that is, demand growth is higher than the actual level of capacity. Demand from the United States for Asia in particular has remained at a high point."
By region, North American carriers led the world in cargo demand in September, with year-on-year growth of 11.8%, while capacity grew 0.8% year on year. Asia-Pacific carriers followed, with cargo demand up 8.6% year on year in September and capacity up 4.9% year on year. Carriers in the Middle East saw cargo demand grow 3.8% year on year that month, the lowest increase among all regions, while capacity grew 7.0% year on year.
Marie Owens Thomsen, IATA's Senior Vice President for Sustainability and Chief Economist, said: "In September, global air cargo demand grew 7.7% year on year, with growth in all regions. Strengthening global trade and manufacturing provided favorable support for air cargo; AI-related cargo shipments drove the trans-Pacific market to once again achieve double-digit growth."
Thomsen stressed that the current challenge is cost. Aviation fuel prices have more than doubled from a year ago, yet cargo yields have failed to rise in tandem. The market is not short of goods awaiting shipment, but with fuel prices remaining persistently high, achieving profitability has become more difficult.