November air cargo traffic grows 8.2%

Asia Pacific saw most growth at 13.2%; Africa fell 0.7%

Air cargo traffic continued to show strong annual growth in November, achieving its 16th consecutive month of year-over-year growth.  

November’s air cargo traffic, measured in cargo tonne kilometers (CTK), grew 8.2% YoY. Air cargo traffic on international lanes rose 9.5% compared with November 2023, according to data released today by IATA. 

Capacity, measured in available CTKs, rose 4.6% YoY and 6.5% YoY for international operations. Tight market conditions drove 7.8% YoY growth in yield, according to IATA.  

November’s strong performance will likely be echoed in December’s figures and full-year 2024 figures, IATA Director General Willie Walsh said in the release.  

While air cargo’s strong performance is expected to continue in 2025, Walsh said, risks to watch include: 

• Inflation; 

• Geopolitical uncertainties; and 

• Trade tensions. 

Fuel costs down 

The release highlighted these operating environment factors:  

• Industrial production rose 2.1% YoY in October. Global goods trade grew for a seventh consecutive month with a 1.6% YoY increase. 

• November’s Purchasing Managers’ Index (PMI) for global manufacturing output was above 50, indicating growth. The PMI for new export orders was below 50, suggesting uncertainty and weakness in global trade, according to IATA. 

• U.S. headline inflation, based on the Consumer Price Index, rose 0.1 percentage points to 2.7% in November. The European Union inflation rate increased 0.2 percentage points to 2.5%. China’s consumer inflation fell to 0.2% in November, indicating a possible economic slowdown, according to IATA. 

• November fuel costs were 22% below November 2023 levels. Average U.S. Gulf Coast jet fuel spot prices in November fell 24.5% YoY, according to the Energy Information Administration. Average U.S. Gulf Coast jet fuel spot prices in December fell 12.1% YoY. 

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  Regional performance 

  With the exception of Africa, carriers across all regions saw YoY growth in traffic in November. And carriers across all regions except the Middle East saw YoY increases in capacity. By region YoY:  

  • Asia-Pacific carrier traffic grew 13.2% and capacity grew 9.4%; 

  • Latin American carrier traffic grew 11.6% and capacity grew 6.4%;  

  • North American carrier traffic grew 6.9% and capacity grew 2.2%;  

  • European carrier traffic grew 5.6% and capacity grew 4.3%;  

  • Middle Eastern carrier traffic grew 3.6% and capacity fell 0.6%; and  

  • African carrier traffic fell 0.7% and capacity grew 0.4%. 

  Airlines flying international routes continued to benefit in November from rising e-commerce demand in the United States and Europe, as well as capacity constraints in ocean shipping, according to IATA. By trade lane:  

  • Asia-North America grew 13% YoY, its 13th consecutive month of growth; 

  • Europe-Asia grew 12.9% YoY, its 21st consecutive month of growth; 

  • Intra-Asia grew 12.2% YoY, its 13th consecutive month of growth; 

  • Middle East-Europe grew 9.9% YoY, its 16th consecutive month of growth;  

  • Middle East-Asia grew 9% YoY, its 18th consecutive month of growth; 

  • Africa-Asia grew 7.6% YoY, its 15th consecutive month of growth; and 

  • North America-Europe grew 5.6% YoY, its 13th consecutive month of growth. 

  Register now for Cargo Facts’ essential regional events for industry stakeholders:

  • Cargo Facts LATAM 2025 on Feb. 10-11 at the Pullman Sao Paulo Guarulhos Airport in Brazil;

    • Cargo Facts Asia 2025 on March 24-26 at the W Shanghai in China; and

    • Cargo Facts EMEA 2025 on May 6-8 at the Shangri-La Bosphorus in Turkey.