Air cargo demand drops 14% in November: IATA
Compared to pre-Covid levels (Nov 2019), there was a smaller contraction in demand (-10%) while capacity was down 9%
Global demand, measured in cargo tonne-kilometres (CTKs), declined 13.7 percent in November 2022 compared to November 2021 (-14.2 percent for international operations), according to the latest data from the International Air Transport Association (IATA).
"Capacity (measured in available cargo tonne-kilometres, ACTK) was 1.9 percent below November 2021. This was the second year-on-year contraction following the first last month (in October) since April 2022. International cargo capacity decreased 0.1 percent compared to November 2021."
Compared to pre-Covid levels (November 2019), there was a smaller contraction in overall demand (-10.1 percent) while capacity was down 8.8 percent, the release added.
Willie Walsh, Director General, IATA says: “Air cargo performance softened in November, the traditional peak season. Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis. But market signals are mixed. November presented several indicators with upside potential: oil prices stabilised, inflation slowed and there was a slight expansion in goods traded globally. But shrinking export orders globally and China’s rising Covid cases are cause for careful monitoring."
* North American carriers posted a 6.6 percent decrease in cargo volumes, an improvement in performance compared to October (-8.6 percent). Capacity increased 0.3 percent compared to November 2021.
* European carriers saw a 16.5 percent decrease in volumes, an improvement in performance compared to October (-18.8 percent), thanks to the stronger new export orders in Germany. Airlines in the region continue to be most affected by the war in Ukraine. High inflation levels, most notably in Türkiye, also affected volumes. Capacity decreased 6.6 percent in November 2022 compared to November 2021.
* Middle Eastern carriers experienced a 14.7 percent year-on-year decrease in cargo volumes, a marginal improvement to the previous month (-15 percent). Cargo volumes to/from Europe impacted the region’s performance, registering a 16.3 percent year-on-year decline in November. Capacity increased 2.1 percent compared to November 2021.
*Latin American carriers reported a 2.8 percent increase in volumes, the strongest performance of all regions and a significant improvement in performance compared to October (-1.4 percent). Capacity in November was up 2.8 percent compared to the same month in 2021.
*African airlines saw volumes decrease 6.3 percent in November 2022 compared to November 2021. This was an improvement in performance compared to the previous month (-8.3 percent). Capacity was 11.4 percent below November 2021 levels.