Global Air Cargo Demand Rises 9.8% in October, Says IATA

Global air cargo demand grew 9.8% year-over-year in October 2024, marking 15 consecutive months of expansion, according to the International Air Transport Association (IATA). The surge was driven by robust e-commerce activity and increased cargo capacity.

Latin American airlines led the growth with an 18.5% annual increase in demand, the highest among regions, accompanied by a 5.8% rise in capacity, signaling strong trade momentum. Asia-Pacific airlines followed, reporting a 13.4% demand increase and 9.3% growth in capacity.

North American carriers saw demand rise 9.5%, supported by a 5.8% capacity increase. European airlines recorded a 7.6% growth in demand and 3.9% in capacity, while Middle Eastern airlines experienced more modest gains of 4.5% in demand and 0.8% in capacity.

Dedicated freighters played a critical role in bolstering global capacity, which increased 5.9%overall, with international operations growing by 7.2%. Cargo volumes approached their 2021 peak levels, according to IATA.

Mexico-Asia Air Cargo: A Growing Trade Corridor

These global trends align with significant growth in specific trade corridors, particularly air cargo routes between Mexico and Asia. The Federal Civil Aviation Agency (AFAC) reported a 163% surge in Mexico-Asia air cargo traffic from January to October 2024. 

The Felipe Angeles International Airport (AIFA) emerged as a central hub, with the Hong Kong-AIFA route growing 149% year-over-year and moving over 40,799 tons of goods. Other routes also posted notable gains. The Shanghai-Santa Lucia route, launched in 2024, transported more than 2,000 tons of cargo in its first nine months. Meanwhile, the Hong Kong-Guadalajara route saw a 10% increase, handling over 24,000 tons.

Despite strong performance in 2024, IATA Director General Willie Walsh warned of potential headwinds in 2025. The incoming US administration, under Donald Trump, has announced plans to impose significant tariffs on major trade partners, including Canada, China, and Mexico. “These tariffs could disrupt global supply chains and undermine consumer confidence,” Walsh said.