The International Air Transport Association (IATA) released a report indicating a 22 percent year-on-year increase in Africa’s airline cargo demand growth, the strongest of all regions in February.
The data for February 2024 showed a 42.3 percent year-on-year growth in intra-Africa trade lanes with a 28.2 percent year-on-year capacity growth.
The total demand for cargo tonne-kilometers rose 11.9 percent before February 2023 (12.4 percent for international operations). According to the data, it is the third consecutive month of double-digit year-on-year demand growth.
Also, the international operations witnessed an increase in available cargo tonne-kilometers (ACTKs) by 13.4 percent compared to February 2023.
The yearly increase in international operation and passenger market capacity is said to have exceeded the global capacity of freighters.
In a statement, Willie Walsh, IATA’s Director General, said, “February’s demand growth of 11.9 percent far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022. It also shows air cargo’s strong resilience in the face of continuing political and economic uncertainties,”
There has been evidence of expansion, with the manufacturing output Purchasing Managers’ Index (PMI) rising to 51.2 in February. Also, the new export orders PMI rose to 49.4, slightly below the 50 threshold that would signify growth.
Despite yearly inflation rates, countries like the EU, China, and the U.S. experience slight increases. China recorded a 0.7 percent annual increase after four months of inflation. The EU and the U.S. recorded 2.8 percent and 3.2 increases, respectively.
The European carriers reported a 14.6% year-on-year demand growth for air cargo in February, leading to a 24.5 percent rise in intra-European air cargo, the most robust performance in almost three years.
