The air cargo route between Africa and Asia has seen exceptional yearly growth, with an astounding 37.5% increase in June 2024.
This is critical for Nigeria, as its aviation sector is integral to Africa’s industry, with substantial cargo traffic to and from Nigeria, impacting the country’s economy and trade.
For Nigeria, this is critical since the country’s economy and trade are impacted by the substantial cargo flow that enters and exits the country through the aviation sector, which is essential to Africa’s industry, according to Nairametrics.
The strong growth of the Africa-Asia commerce corridor is demonstrated by the data for global air cargo markets issued by the International Air Transportation Association (IATA) in June 2024.
The IATA report showed that the June figures represent the continuation of a double-digit yearly growth trend that started in September 2023 and reflects the dynamic evolution and rising demand in this important route area.
Comparably, the routes connecting the Middle East and Europe showed notable expansion, with a 30.2% increase in June 2024, underscoring the strong performance and increasing importance of these important international trade corridors.
“The annual expansion in international CTK was supported by all major route areas as well, although with some differences in magnitude. Equivalent to the month before, Africa-Asia and Middle East–Europe championed annual growth in June with outstanding evolutions of +37.5% and +30.2%, respectively. For both route areas, the June reading reflects the continuation of a streak of double-digit annual growth that originated in September 2023,” the IATA June 2024 report for global air cargo markets read in part.
The Within Asia trade lane followed behind the Africa-Asia and Middle East-Europe routes with an impressive annual surge of 21.0%, marking four consecutive months of double-digit growth. Other notable increases were observed in the Europe-Asia routes with 20.3%, Within Europe with 16.7%, and Middle East-Asia with 15.1%.
Europe-Asia grew by double digits for seven months in a row; inside Europe, this trend lasted for six months, and in the Middle East, it lasted for nine months. Furthermore, North America-Europe grew 6.7% year over year, while Asia-North America recorded a 12.8% annual gain, the greatest in five months.
Further elucidating the global air cargo markets for June 2024, the IATA study revealed that capacity for air cargo worldwide decreased by 1.7% from May to June but increased by 8.8% from the same month in the previous year.
This annual growth in Available Cargo Ton Kilometers (ACTK) indicates that there was more space available for cargo on flights, which has been steadily increasing over the past six months, albeit at a gradually slowing rate. The first half of 2024 set record levels for air cargo capacity.
The majority of this capacity increase was seen on international routes, where it increased by 10.8% in June compared to the previous year. An expansion in belly-hold capacity—where cargo is kept on the lower deck of passenger flights—was a major factor in the surge. In June, this segment experienced a 16.8% increase, marking its 38th consecutive month of double-digit growth.
