Passenger Demand up 8.1% in November; Air Cargo Demand up 8.2% in November 2024

The International Air Transport Association (IATA) released data for November 2024 global passenger demand with the following highlights:

•    Total demand, measured in revenue passenger kilometers (RPK), was up 8.1% compared to November 2023. Total capacity, measured in available seat kilometers (ASK), was up 5.7% year-on-year. The November load factor was 83.4% (+1.9 ppt compared to November 2023), an all-time high for November.

•    International demand rose 11.6% compared to November 2023. Capacity was up 8.6% year-on-year, and the load factor was 83.4% (+2.3 ppt compared to November 2023). Strong performance by carriers in Europe and Asia-Pacific drove this double-digit expansion in demand.

•    Domestic demand rose 3.1% compared to November 2023. Capacity was up 1.5% year-on-year and the load factor was 83.5% (+1.2 ppt compared to November 2023).

“November was another month of strong growth in the demand for air travel with an overall expansion of 8.1%. The month was also another reminder of the supply chain issues that are preventing airlines from getting the aircraft they need to meet growing demand. Capacity growth is lagging demand by 2.4 ppts and load factors are at record levels. Airlines are missing out on opportunities to better serve customers, modernize their products and improve their environmental performance because aircraft are not being delivered on time. The 2025 New Year’s resolution for the aerospace manufacturing sector must be finding a fast and durable solution for their supply chain issues,” said Willie Walsh, IATA’s Director General.

CARGO

The International Air Transport Association (IATA) released data for November 2024 global air cargo markets showing:

•    Total demand, measured in cargo tonne-kilometers (CTK), rose by 8.2% compared to November 2023 levels (9.5% for international operations) for a 16th consecutive month of growth. 

•    Capacity, measured in available cargo tonne-kilometers (ACTK), increased by 4.6% compared to November 2023 (6.5% for international operations). 

"It was a good November for air cargo with 8.2% demand growth nearly doubling the 4.6% growth in cargo capacity. Fuel costs tracked at 22% below previous-year levels and tight market conditions supported yield growth at 7.8%. All things considered we are looking to close out 2024 air cargo performance on a profitable note. While this strong performance is very likely to extend into 2025, there are some downside risks that must be carefully watched. These include inflation, geopolitical uncertainties and trade tensions,” said Willie Walsh, IATA’s Director General.

Several factors in the operating environment should be noted:

•    Year-on-year, industrial production rose 2.1% in October. Global goods trade grew for a seventh consecutive month, reporting a 1.6% increase. 

•    The Purchasing Managers Index (PMI) for global manufacturing output was above the 50-mark for November, indicating growth. However, the PMI for new export orders remained below the 50-mark, suggesting ongoing uncertainty and weakness in global trade. 

•    US headline inflation, based on the annual Consumer Price Index (CPI), rose by 0.1 percentage points to 2.7% in November. In the same month, the inflation rate in the EU increased by 0.2 percentage points to 2.5%. China’s consumer inflation fell to 0.2% in November, continuing concerns of an economic slowdown.

Visit the IATA website for more detailed analysis.