Aviation View - June 2024

demand due to high unemployment, slow income growth, and a crisis in the real estate sector, a trend that has persisted since 2023. MAY REGIONAL PERFORMANCE Asia-Pacific airlines saw 17.8% year-on-year demand growth for air cargo in May. Demand on the Africa- Asia trade lane grew by 40.6% year-on-year, while the Europe-Asia, Within Asia and Middle East-Asia trade lanes rose by 20.4%, 19.2% and 18.6% respectively. Capacity increased by 8.4% year-on-year. North American carriers saw 8.7% year-on-year demand growth for air cargo in May —the weakest among all regions. Demand on the Asia-North America trade lane grew by 12.0% year-on-year, while the North America- Europe route saw an increase of 8.9%, marking the largest demand growth for this route since mid-2022. May capacity increased by 2.5% year-on-year. European carriers saw 17.2% year-on-year demand growth for air cargo in May. Intra-European air cargo rose by 25.6% compared to May 2023, the fifth month in a row of double-digit annual growth. Europe–Middle East routes saw demand increase by 33.8%. May capacity increased 11.9% year-on-year. Middle Eastern carriers saw 15.3% year-on-year demand growth for air cargo in May. As mentioned above, the Middle East–Europe market performed particularly well with 33.8% annual growth, ahead of Middle East- Asia which grew by 18.6% year-on-year. May capacity increased 2.7% year-on-year. Latin American carriers saw 12.7% year-on-year demand growth for air cargo in May. Capacity increased 8.0% year-on-year. African airlines saw 18.4% year-on-year demand growth for air cargo in May–the strongest of all regions.Demand on the Africa–Asia market increased by 40.6% compared to May 2023, the strongest performance of all trade lanes. May capacity increased by 21.4% year-on-year. 6 AVIATION VIEW MAGAZINE VOLUME 04, ISSUE 02