Middle East Carriers See 13.8% Demand Growth for Air Cargo in June

According to the International Air Transport Association (IATA) data released data for June 2024 Middle Eastern carriers saw 13.8% year-on-year demand growth for air cargo in June.

The Middle East–Europe market performed particularly well with 30.2% annual growth, ahead of Middle East–Asia which grew by 15.1% year-on-year. June capacity increased 6.9% year-on-year.

This contributed to an exceptional first half-year performance for air cargo, with volumes exceeding 2023, 2022, and even the record-breaking 2021 levels.

Globally, total demand rose by 14.1% compared to June 2023 levels (15.6% for international operations). This is the seventh consecutive month of double-digit year-on-year growth.

Capacity increased by 8.8% compared to June 2023 (10.8% for international operations).

Air Cargo Posts Fourth Straight Month of Double-Digit Growth in March

Willie Walsh, IATA’s Director General said: "Air cargo demand surged in June. Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of CTKs.

"Maritime shipping constraints and a booming e-commerce sector are among the strongest growth drivers.

"Meanwhile, the sector has remained largely impervious to ongoing political and economic challenges, and the US customs crackdown on e-commerce deliveries from China. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024."

In June the Purchasing Managers Index (PMI) for global manufacturing output indicated expansion (52.3) while the new export orders PMI registered a small contraction, falling below the critical 50-point benchmark to 49.3.

Global cross-border trade expanded 0.1% month-on-month in May while industrial production stayed level compared to the previous month.

Inflation was a mixed picture in June. In the EU and Japan, inflation rates stayed roughly constant compared to the previous month at 2.6% and 2.8% respectively, while dropping in the US to 3.0%.

In contrast, China’s inflation rate remained near zero (0.3%) reflecting weak domestic demand amid high unemployment, slow income growth, and a crisis in the real estate sector, a trend that has persisted since 2023.

Read More: Middle East Air Cargo Carriers See 15.3% Demand Growth in May