Sky-High Cargo: Asia Pacific and MESA Lead Global Surge in 2024

Global air cargo demand in the first half of 2024 saw year-on-year increases from all major origin regions.

Asia Pacific and the Middle East & South Asia (MESA) led the growth with both regions showing a 19 percent rise.

Africa saw an eight percent increase, Europe seven percent, Central and South America five percent, and North America two percent.

According to preliminary figures from WorldACD Market Data, tonnages rose 12 percent in the first half of 2024 compared with the same period last year, with the second quarter showing eleven percent year-on-year growth, following 12 percent in the first quarter.

June’s preliminary figure of nine percent year-on-year was slightly below the average growth rate seen this year.

Strong demand continued from Asia Pacific origins, though MESA’s growth slowed somewhat from the first quarter’s high levels.

Tonnages from MESA in the second quarter were still significantly higher, at 13 percent, compared to the same period last year, though below the 27 percent growth recorded in the first quarter, attributed to disruptions in container shipping due to vessel attacks in the Red Sea.

In the second quarter, Asia Pacific tonnages increased by 18 percent year-on-year, following a twenty percent rise in the first quarter. Volumes from all major regions were higher than last year, with Europe up seven percent and Africa six percent, while North America and Central and South America each saw five percent increases.

Average global air cargo rates for the first half of 2024 were $2.39 per kilogramme, down eight percent from the previous year.

This decline is partly due to high rates in the first quarter of the previous year, which averaged $2.76 per kilogramme. However, in the second quarter of 2024, average rates increased to $2.46 per kilogram, two percent above the same period last year, driven by significant rises from Asia Pacific, at 10 percent, and MESA, at forty-seven percent, particularly on key lanes.