Cargo demand resilient in August, says IATA
Latin American carriers reported 9% increase in cargo volumes, the strongest performance of all regions.
Global demand, measured in cargo tonne-kilometres (CTKs), declined 8.3 percent in August compared to August 2021 (-9.3 percent for international operations), according to data released by International Air Transport Association (IATA).
"This was a slight improvement on the year-on-year decline of 9.7 percent seen in July," says an official release.
Capacity was 6.3 percent above August 2021 (+6.1 percent for international operations). "This is a significant expansion over the 3.6 percent YoY increase in July."
"Air cargo continues to demonstrate resilience," says Willie Walsh, Director General, IATA. "Cargo volumes, while tracking below the exceptional performance of 2021, have been relatively stable in the face of economic uncertainties and geopolitical conflicts. Market signals remain mixed. August presented several indicators with upside potential: oil prices stabilised, inflation slowed and there was a slight expansion in goods traded globally. But the decrease in new export orders in all markets except the U.S. tells us that developments in the months ahead will need to be watched carefully."
Asia-Pacific airlines saw air cargo volumes decline 8.3 percent YoY in August 2022. "This was an improvement over the 9 percent decline in July. Airlines in the region benefited from slightly increased levels of trade and manufacturing activity due to the easing of Covid-19 restrictions in China. Available capacity in the region increased 13.9 percent compared to August 2021, a significant increase over the 2.7 percent growth in July."
North American carriers posted a 3.4 percent YoY decrease in cargo volumes in August 2022. "This was an improvement over the 5.7 percent decline in July. The lifting of restrictions in China improved demand and a further boost is expected in the coming months. Capacity was up 5.7 percent compared to August 2021."
European carriers saw a 15.1 percent year-on-year decrease in cargo volumes. "This was the worst performance of all regions for the fourth month in a row. This is attributable to the war in Ukraine. Labour shortages and high inflation levels, most notably in Türkiye, also affected volumes. Capacity increased 0.4 percent in August 2022."
Middle Eastern carriers experienced an 11.3 percent year-on-year decrease in cargo volumes in August. "Stagnant cargo volumes to/from Europe impacted the region's performance." Capacity was down marginally compared to August 2021.
Latin American carriers reported an increase of 9 percent in cargo volumes in August. "This was the strongest performance of all regions. Airlines in this region have shown optimism by introducing new services and capacity, and in some cases investing in additional aircraft for air cargo in the coming months. Capacity in August was up 24.3 percent compared to August 2021.
African airlines saw cargo volumes increase 1 percent in August. "This was a significant improvement on growth recorded the previous month (-3.5 percent). Capacity was 1.4 percent below August 2021 level."