Global air cargo market demand rose 11% year-on-year for the third month in a row in March following buoyant e-commerce volumes thanks to the Red Sea disruptions, Niall van de Wouw, Chief Airfreight Officer, Xeneta, said, after the latest weekly market data was released by Xeneta.
The load factor in the opening three months of 2024 rose by 2 per cent pts year-on-year to 59 per cent, and March performance has shown similar growth, edging up to 61 per cent. “While this month’s data should be balanced against the lower base recorded in the corresponding month of 2023.
The level of cargo demand in the first quarter does not indicate a market, which is running out of steam,” de Wouw said. “Air freight growth was driven by increased volumes from the Middle East and South Asia as shippers shifted services from ocean to air to avoid Red Sea delays. We also cannot underestimate the importance of e-commerce growth, which shows no sign of abating on its most prominent lanes,” he added.