African companies posted +14.2% volumes in March 2024 (year-over-year)

African companies posted +14.2% volumes in March 2024 (year-over-year)
African companies posted +14.2% volumes in March 2024 (year-over-year)

(Agence Ecofin) – The trend remained upward overall for the freight segment in the African airline industry. According to IATA, this is 4th consecutive month of double-digit year-over-year growth.

African airlines’ air cargo volumes (measured in tonne-kilometres) during the month of March 2024 grew by 14.2% year-on-year, according to the latest report from the International Air Transport Association. Traffic on the Africa-Asia route, the fastest growing segment, increased to 22.9% compared to March 2023, but it should be noted that it is down 19.8% compared to February 2024.

The best growth by region was recorded among airlines in the Middle East, whose volumes increased by 19.9% ​​compared to March 2023, while the weakest performance was observed in North America where traffic n grew by only 0.9%. For other parts of the world, we note in particular +14.3% in Asia-Pacific, +10% in Europe and +9.2% in Latin America.

Globally, overall volumes increased by 10.3% compared to March 2023 levels (+11.4% for international operations). Growth which contributed to good performance of the industry in 1er quarter 2024, even slightly surpassing the exceptionally strong performance of 1er quarter 2021 during the Covid-19 crisis.

Several factors contributed, according to IATA, to these figures, notably cross-border trade and industrial production, the volumes of which increased by 1.2% and 1.6% respectively in February.

In March, the Purchasing Managers’ Index (PMI) of manufacturing production rose to 51.9, indicating expansion. PMI new export orders also rose to 49.5 », indicates the report consulted by theEcofin Agency.

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