(MENAFN) According to data released by the International Air Transport Association (IATA) on Tuesday, the global air cargo market is experiencing notable increases in various key metrics, including demand, capacity, trade, and industrial production. In March 2024, total demand for air cargo surged by 10.3 percent year-on-year, marking the fourth consecutive month of growth. Similarly, the global air cargo capacity witnessed a significant uptick of 7.3 percent compared to the previous year.
Willie Walsh, IATA's director general, emphasized the robust performance of the air cargo sector in the first quarter of 2024, which even surpassed the exceptionally strong figures observed during the first quarter of 2021 amidst the COVID-19 crisis.
The report by IATA also highlighted positive trends in global cross-border trade and industrial production. In February, cross-border trade increased by 1.2 percent, while industrial production saw a growth of 1.6 percent. The Purchasing Managers' Index (PMI) for manufacturing output climbed to 51.9, indicating expansion, along with a rise in the new export orders PMI to 49.5.
However, the report also noted mixed signals regarding inflation across different regions. While inflation rates in the European Union and Japan experienced declines to 2.6 percent and 2.7 percent, respectively, the United States witnessed a rise in inflation to 3.5 percent. Conversely, China's inflation rate showed deflation, recording a rate of minus 0.01 percent.
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