Middle East Carriers See 14.7% Year-on-Year Demand Growth for Air Cargo in July

Middle Eastern carriers saw 14.7% year-on-year demand growth for air cargo in July. The Middle East–Europe trade lane performed particularly well surging 32.2%, ahead of Middle East-Asia which grew by 15.9% year-on-year. July capacity increased 4.4% year-on-year.

Meanwhile, the International Air Transport Association (IATA) data released for July 2024 global air cargo markets showed continuing strong annual growth in demand.

Total demand rose by 13.6% compared to July 2023 levels (14.3% for international operations). This is the eighth consecutive month of double-digit year-on-year growth, with overall levels reaching heights not seen since the record peaks of 2021.

Capacity increased by 8.3% compared to July 2023 (10.1% for international operations).

This was largely related to the growth in international belly capacity, which rose 12.8% on the strength of passenger markets and balancing the 6.9% growth of international freighter capacity.

It should be noted that the increase in belly capacity is the lowest in 40 months whereas the growth in freighter capacity is the highest since an exceptional jump was recorded in January 2024.

Willie Walsh, IATA’s Director General said: "Air cargo demand hit record highs year-to-date in July with strong growth across all regions. The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping.

"With the peak season still to come, it is shaping to be a very strong year for air cargo. And airlines have proven adept at navigating political and economic uncertainties to flexibly meet emerging demand trends."

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