African airlines’ air cargo demand increases by 10.6% in April 2024

Date:

May 30, 2024.

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Azonuchechi Chukwu.

In April 2024, African airlines experienced a 10.6% year-on-year increase in air cargo demand, aligning with robust global growth in the air cargo market in the second quarter of the year.

Worldwide, air cargo demand grew by 11.1% compared to April 2023.

These statistics are from the recently released International Air Transport Association (IATA) report, which provides data on April 2024 air cargo markets.

“African airlines saw 10.6% year-on-year demand growth for air cargo in April. Demand in the Africa–Asia market increased by 25.8% compared to April 2023. April capacity increased by 18.7% year-on-year,” the report read in part.

According to the IATA report, African airlines outperformed their counterparts in North America and the Middle East in April 2024, with a 10.6% year-on-year growth in air cargo demand compared to 7% and 9.4% in these regions, respectively.

However, airlines in the Asia-Pacific, Europe, and Latin America saw even higher growth, recording increases of 14%, 12.7%, and 11.7%, respectively.

The report also highlighted several key factors in the air cargo market’s operating environment. In April, the PMIs for global manufacturing output and new export orders turned positive for the first time in two years, reaching 51.5 and 50.5, respectively.

Industrial production increased by 1.6% year-on-year in March, while global cross-border trade contracted by 0.8%.

Inflation remained relatively stable in April, with rates at 3.4% in the US, 2.6% in the EU, and 2.5% in Japan. Meanwhile, China reported a modest 0.2% year-on-year increase in consumer prices, a positive sign amid concerns about its economic slowdown.

The IATA report highlighted that April 2024 marked the fifth consecutive month of double-digit year-on-year growth in air cargo demand.

IATA’s Director General, Willie Walsh, observed that global air cargo demand grew despite economic uncertainties, even when the Purchasing Managers Index (PMI) indicated potential contraction.

Now, with the PMI showing growth, Walsh highlighted the even stronger prospects for continued robust air cargo demand.

“Air cargo demand started Q2 with a solid 11.1% increase. While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust,” Walsh stated.  (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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