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Air Freight Market Update

January 2025


Global air cargo demand remained strong in late 2024, fueled by e-commerce, while high rates persist due to the ongoing supply-demand imbalance.

Global Air Cargo Update


Global Air Cargo Demand
  • Global air cargo demand remained robust in late 2024, driven by AP and AMNO carriers, with e-commerce fueling growth.
  • Air cargo demand from AP softened in early January but is gradually rebounding as shippers rush deliveries ahead of the Lunar New Year.
Global Air Cargo Capacity
  • Global air cargo capacity rises 6% YoY in January 2025, with the AP-AMLA route leading the growth.
  • E-commerce remains a key driver of air cargo capacity utilization, with high load factors projected for 2025.
Regulation/News
  • All major carriers have resumed flights to and from Lebanon, except for AF and EK, which are expected to restart operations in February.
  • Jet fuel shortage at South Africa's Natref refinery may disrupt air cargo operations at JNB airport.

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Regional Air Freight News


Europe

  • European main hubs reported increased air cargo volumes in 2024, with Vienna setting a record 22% growth.
  • EU inbound volume stayed strong in 2024, with AP-EU trade up 20% YoY compared to 2023.

Asia

  • Asia's booming e-commerce growth is expected to continue into 2025, despite US tariff threats and stricter cargo scrutiny.
  • Overall cargo supply and demand to remain under pressure due to a lack of capacity additions

Middle East and Africa

  • Middle East exports remained strong in late 2024, with high airfreight rates due to ongoing sea-air cargo demand.
  • Air cargo rates and demand from the MEA region expected to stay high, as the Gaza ceasefire has not changed the Red Sea shipping threat assessment.

Americas

  • Air trade from AMNO to EURO fell by 4% in Jan-Nov 2024 period vs 2023, driven by a decline in US exports of industrial materials and machinery parts.
  • Growth of indirect freighter capacity into Mexico via Anchorage emphasizes the country’s key role in nearshoring strategies.

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