Continued Air Cargo Growth for Middle East Airlines: Europe Trade Lane Leads the Surge.

According to a report released by the International Air Transport Association (IATA). Middle Eastern carriers in particular are seeing substantial growth, with demand up 14.7% in July 2024 compared to the previous year. This marks the eighth month in a row that the industry has experienced double-digit annual growth - a remarkable run not seen since the record-breaking highs of 2021. A closer look at the numbers reveals the Middle East-Europe trade lane as the top performer, with demand surging 32.2% year-on-year. The Middle East-Asia route took second place, growing 15.9%. The total global air cargo demand rose 13.6% in July compared to the same month last year. Capacity also saw a boost, increasing 4.4% over the 12-month period.

2024 marks a banner year so far, as airlines adeptly navigate political and economic uncertainties to meet rapidly growing cargo trends. Belly capacity on passenger flights drove an 8.3% increase in overall capacity compared to July last year. But it's on the freighter side where growth has really taken off, with dedicated cargo capacity up 6.9% - the largest jump since January.

"The air cargo business continues to benefit from growth in global trade, booming e-commerce and capacity constraints on maritime shipping," said IATA's Director General Willie Walsh. "With the peak season still to come, it is shaping to be a very strong year for air cargo." According to the latest available  regional performance as of July 2024, Asia-Pacific airlines saw the strongest growth at 17.6% over last year. Within Asia, traffic jumped nearly 20%. Routes connecting Asia to Europe and the Middle East also saw double-digit rises.

European carriers weren't far behind, reporting 13.7% more air cargo demand compared to July 2021. The Europe-Middle East lane was especially bustling, maintaining over 30% year-over-year growth going back to September 2020. Intran-European routes saw robust 15.5% increases too. The boom is also reflected in expanding capacity, though not quite keeping pace with surging demand. Asia-Pacific airlines increased capacity by 11.3%, while Europeans saw a 7.6% rise.

The UAE is no exception from the above trend! Data from the General Civil Aviation Authority (GCAA) shows a total of 2.16 million tonnes of air cargo passed through the country's airports between January and June. While a sizable portion was transit cargo, just passing through on its way to other destinations, imports and exports still accounted for over 770,000 tonnes combined. Local Emirati airlines handled the largest share at 68% of all cargo.

The shift towards air freight is understandable given the challenges facing global maritime shipping. Congestion at seaports, labor disputes, and conflict near major shipping lanes have all contributed to higher costs and limited availability of container ships. At the same time, air cargo capacity has grown with expanded belly space on passenger aircraft. The continued growth of e-commerce has also fueled demand for air shipping.

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