Updated for Q2, our industry professionals compiled freight and logistics trends and market updates for 2024 to help your business stay prepared for the future.
Global Macroeconomic Trends
Global GDP growth has been revised slightly downward based on softening in APAC and China, but with improved projections for US growth and a stronger second half of 2024.
Key Macroeconomic Indicators Summary
- Exports have been edited down with the US and Eurozone exports seeing significant drops in growth.
- Industrial Production also dropped with US and Eurozone forecasts bottoming out while China slightly decreased.
- Retail Sales forecasts have also seen significant decreases for 2024, with Eurozone sales dropping 3% into contraction while the US stayed steady with slightly negative to flat growth.
International Air Freight Market Update
Demand has remained level with capacity but is expected to outpace overall capacity growth throughout 2024.
Demand Vs. Capacity
- Year to date demand and capacity have seen sharp increases over 2023, with +16.1% and +15.8% increases respectively.
- World ACD reports March demand increasing +8%, with APAC seeing a 15% YoY increase.
- IATA projects air cargo demand to grow +4.5% in 2024 YoY while capacity is expected to grow around 3% in 2024, a far change from what the market has seen over the previous years.
Air Freight Industry Trends
Riding the boom of eCommerce demand out of APAC, the air freight market looks to continue a strong start to 2024 with growth in overall demand and a normalization of capacity.