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Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 11.4% compared to August 2023 levels (12.4% for international operations). This is the ninth consecutive month of double-digit year-on-year growth, with overall levels reaching heights not seen since the record peaks of 2021.
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Capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 6.2% compared to August 2023 (8.2% for international operations). This was largely related to the growth in international belly capacity, which rose 10.9% on the strength of passenger markets. Industry-wide capacity has reached an all-time high.
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Industrial production stayed level in August month-on-month and global cross-border trade fell marginally with -0.3%.
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In August both the Purchasing Managers Index (PMIs) for global manufacturing output and the PMI for new export orders were below the 50-mark at 49.9 and 48.4 respectively, indicating contraction.
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Inflation saw a mixed picture in August. In the US and EU, inflation rates fell to 2.6% and 2.4% respectively, the lowest rates since 2021. In contrast, Japan’s inflation ticked up 0.3 percentage points to 3.0%, the highest rate in ten months. China’s inflation rate continued its moderate upward trend, growing by 0.1 percentage points to reach 0.7%, the highest rate in six months.
August regional performance
Asia-Pacific airlines saw 14.6% year-on-year demand growth for air cargo in August – the strongest of all regions. Demand on the Asia-Africa, Asia-Europe and within-Asia markets grew by 21.2%, 18.4% and 16.1% respectively. Intra-Asia demand growth decreased by 5.0 percentage points from the previous month, partially linked to the social unrest in Bangladesh and Typhoon Shanshan in Japan. Both events impacted local logistics operations with airport closures and flight cancellations. Capacity increased by 8.6% year-on-year.