The global air freight market is on a pathway to double-digit growth in volumes in 2024 after a +12% year-on-year jump in demand in May, according to the latest data.
Despite conservative, low single-digit air freight industry growth forecasts at the end of last year, expectations have been boosted by six consecutive months of ‘quite extraordinary’ regional demand for cargo capacity.
The highest year-on-year rate increase for May was the +110% rise in the air cargo spot rates on the Middle East and Central Asia to Europe corridor. Southeast Asia and China to North America spot rates rose +65% and +43%, while China-Europe spot rates also recorded double-digit growth.