After seeing negative growth of -1.9% over the year 2023, global air freight is recovering at the start of 2024.
In fact, global air freight traffic increased by 10.3% in March 2024 (year-on-year).
This is the fourth consecutive month of increase for the air freight sector.
Air freight and in particular the combined air-sea transport approach continue to grow. Air transport combines many advantages: speed, reliability and security. Our customers love our air transport services, so now is the right time to test our air freight solutions.
Air Freight Assessment in 2023
An overall decline
Having benefited well from the covid pandemic period, notably with a jump of more than 18% in 2021, the volume of air freight declined from 2022. This trend was confirmed during the year 2023. Among the reasons The main causes of this slowdown include, among others: the Russia-Ukraine war, the slowdown in world trade and high inflation, skyrocketing oil prices, etc.
Régions en croissance sur 2023 :
- Latin America ➔ +2%
- Middle East ➔ +1,6%
- Asia-Pacific ➔ +0,9%
Régions en recul sur 2023 :
- North America ➔ -5,7%
- Europe ➔ -3,9%
- Afrique ➔ -1,8%
However, it is appropriate to put this 1.9% drop in 2023 into perspective by comparing the -8% for 2022. In addition, the trend over the last quarter of 2023 was clearly upward.
A rebound in the final quarter of 2023
The last 3 months of 2023, and December in particular (10.8% increase in air freight volume compared to December 2022) made it possible to cushion the drop in air freight volume over the year.
This trend is partly explained by the temporary modal shift from maritime transport to air freight due to geopolitical unrest causing disruptions in the Red Sea. However, this surge is also evidence of a stabilization of markets and a return to normal in demand patterns.
Growth at the beginning of 2024
Even more surprising, air freight is doing better than resisting the crisis, it is growing strongly. IATA therefore forecasts that air freight volume should continue to grow and increase by another 5% in 2022 .
Still according to IATA, the volume of air freight transported is expected to continue to increase . The global fleet of cargo planes could thus grow by 60% by 2039. Air freight is becoming a real engine to support airline activity. Before the health crisis, air freight represented around 15% of their revenue. In 2020, cargo’s share was already closer to a third of total airline revenues, or $129 billion.
| Region | january 2024 | february 2024 | march 2024 |
|---|---|---|---|
| Middle-East | +20,9% | +20,9% | +19,9% |
| Asia-Pacific | +24,6% | +11,9% | +14.3% |
| Africa | +17% | +22% | +14,2% |
| Europe | +16,4% | +14,6% | +10% |
| Latin America | +13,3% | +13,7% | +9,2% |
| North America | +4,27% | +4,27% | +0,9% |
| TOTAL | +18,4% | +11,9% | +10,3% |
This significant growth can be explained by the combined effect of several factors.
First of all, it should be mentioned that the start of 2023 having been particularly timid, the month-by-month comparisons in this first quarter of 2024 seem more easily impressive.
In addition, the modal shift towards air freight due to the unrest in the Red Sea is still relevant and is causing an explosion in demand for air freight from Dubai and Asia to Europe (+205% compared to the same period). in 2023).
A situation from which intra-European air freight also benefits.
But the increase in air freight volume is not artificial, e-commerce is still booming, bringing significant dynamism to international traffic. Global cross-border trade and industrial production increased by 1.2% and 1.6% respectively in February.
Looking ahead to the start of 2024, Willie Walsh, director general of the International Air Transport Association (IATA), is cautiously optimistic as demand for freight transport has outpaced growth in trade and production since 2024. the last quarter of 2023. He emphasizes, however, that China’s economic slowdown remains to be monitored and persistent global instability means that nothing should be taken for granted in the coming months.
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Our Air Freight solutions
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CERL has complete control of groupage, sea and air freight operations and all associated customs formalities . Solid processes, management focused on continuous improvement and competent and trained employees constitute the winning quality trio within CERL. So why not try our air transport services for your next shipments?
