The Africa-Asia air cargo routes have emerged as the top performers in annual growth, recording an impressive 37.5% increase in June 2024.
This is crucial for Nigeria, as its aviation sector is integral to Africa’s industry, with significant cargo traffic to and from Nigeria impacting the country’s economy and trade.
This robust expansion, detailed in the International Air Transportation Association (IATA) released data for June 2024 global air cargo markets, highlights the continuing strength of the Africa-Asia trade corridor.
According to the IATA report, the June figures mark the continuation of a streak of double-digit annual growth that began in September 2023, reflecting the dynamic evolution and increasing demand in this key route area.
Similarly, the Middle East-Europe routes demonstrated substantial growth, with a 30.2% increase in June 2024, further emphasizing the robust performance and growing significance of these major international trade corridors
“The annual expansion in international CTK was supported by all major route areas as well, although with some differences in magnitude. Equivalent to the month before, Africa-Asia and Middle East–Europe championed annual growth in June with outstanding evolutions of +37.5% and +30.2%, respectively. For both route areas, the June reading reflects the continuation of a streak of double-digit annual growth that originated in September 2023,” the IATA June 2024 report for global air cargo markets read in part.
The Within Asia trade lane followed behind the Africa-Asia and Middle East-Europe routes with an impressive annual surge of 21.0%, marking four consecutive months of double-digit growth. Other notable increases were observed in the Europe-Asia routes with 20.3%, Within Europe with 16.7%, and Middle East-Asia with 15.1%.
Europe-Asia experienced its seventh consecutive month of double-digit growth, Within Europe marked six months, and Middle East-Asia recorded nine months of such growth. Additionally, Asia-North America saw a 12.8% annual increase, the largest in five months, while North America-Europe registered 6.7% year-over-year growth.
Capacity growth in air cargo in June 2024
Providing more insight into the global air cargo markets for June 2024, the IATA report showed that global air cargo capacity experienced a slight decline of 1.7% compared to May but rose by 8.8% compared to the same period last year.
This annual growth in Available Cargo Ton Kilometers (ACTK) indicates that there was more space available for cargo on flights, which has been steadily increasing over the past six months, albeit at a gradually slowing rate. The first half of 2024 set record levels for air cargo capacity.
This growth in capacity was mainly observed on international routes, which expanded by 10.8% year-over-year in June. The surge was largely driven by an increase in belly-hold capacity, where cargo is stored in the lower deck of passenger flights. This segment saw its 38th consecutive month of double-digit growth, achieving a 16.8% increase in June.
In contrast, capacity on dedicated freighter aircraft grew by a more modest 4.1% year-over-year. This data underscores the significant expansion in air cargo capacity, particularly on international routes, supporting the growing demand in global trade.
