The global representative body for the airline industry, the International Air Transport Association (IATA), has reported that global total air cargo demand rose by 11.2%, year-on-year, in February. International air cargo demand increased by 11.6%. The region which saw the strongest total cargo growth was Africa, at 21%.

Total global air cargo capacity was up 8.5%, year-on-year. The increase for international capacity was 9.8%.

“Even considering the boost that February received from the movement of goods ahead of the Lunar New Year, the month showed strong growth,” highlighted IATA director-general Willie Walsh. “The outbreak of war in the Middle East at the end of the month, however, makes it difficult to see how full-year performance will unfold. Sharply rising fuel costs, fuel scarcity in parts of the world, and the severe disruption to key cargo hubs in the Gulf are major shifts. While air cargo has repeatedly proven its resilience in the face of disruption, an early resolution of the war along with a normalisation of fuel supply and costs would be in everybody’s interest.”

Among the wider economic factors that affect air cargo, the global trade in goods rose by 5.2%, year-on-year, in January. In February, the global Purchasing Managers Index (PMI) increased to 53.1 (anything above 50 indicates growth), while the PMI for new export orders increased to 51.4 (this being the highest level since July 2021). These indicators signalled favourable conditions for air cargo demand. Regarding jet fuel, prices were 1.2% up in February, but Brent-jet fuel crack spreads widened, emphasising continuing volatility in refining margins.

In terms of IATA’s regions, as already pointed out, Africa saw the strongest year-on-year growth (21%) in February, followed by the Middle East (16.5%), the Asia-Pacific (13.6%), North America (9.4%), Europe (6.9%) and Latin America and the Caribbean (0.7%). Regarding air cargo capacity, Africa again saw the biggest increase, at 17.3%. The Middle East retained second place (13.5%) with the Asia-Pacific remaining in third (10.1%). However, Europe came next (6.1%), then North America (5.3%) and Latin America and the Caribbean (4.5%).

The international trade lane which showed the greatest year-on-year growth in February was Africa-Asia, which rocketed 61.9%. Second was the Middle East-Asia, which jumped 24%. Then came Europe-Asia, up 13.1%, followed by Europe-Middle East (9.3%), within Asia (9.1%), Asia-North America (also 9.1%), within Europe (7.8%), and then Europe-North America (5.7%).