The International Air Transport Association (IATA) released data for March 2024 global air cargo markets showing continuing strong annual growth in demand. 

Total demand, measured in cargo tonne-kilometers (CTKs), rose by 10.3% compared to March 2023 levels (11.4% for international operations). This is the fourth consecutive month of double-digit year-on-year growth. 

Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 7.3% compared to March 2023 (10.5% for international operations). 

Several factors in the operating environment should be noted:

Global cross-border trade and industrial production increased by 1.2% and 1.6% respectively in February. 

In March, the manufacturing output Purchasing Managers’ Index (PMI) climbed to 51.9, indicating expansion. The new export orders PMI also rose to 49.5, remaining slightly below the 50 threshold that would indicate growth expectations. 

Inflation saw a mixed picture in March. In the EU and Japan, inflation rates fell to 2.6% and 2.7% respectively, while rising in the US to 3.5%. In contrast, China experienced a slight deflation of -0.01%. This latest figure marks a return to deflation after February's brief period of inflation.