The cargo demand in the Middle East region increased by as much as 10% year-on-year, while global air cargo markets’ growth for April 2024 marks a robust start to Q2 of 2024. Air freight rates on key trades out of Asia remaining firm in June, despite the market entering the traditional quieter summer period or ‘slack season’ a release stated. Total demand, measured in CTKs, rose in double-digits compared to April 2023. This marks the fifth month in a row of double-digit annual growth. Capacity, measured in ACTKs grew by 7.1 per cent compared to April 2023, with international capacity up by 10.2 per cent. Despite economic uncertainties, air cargo demand remains strong, with the PMI for global manufacturing output and new export orders turning positive in April, indicating growth. This is the first time in two years that new export orders have risen, suggesting a robust outlook for air cargo for the rest of the year and likely beyond.
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