Air cargo contraction eases in June: IATA
Global air cargo markets showed the smallest YoY contraction in demand in June 2023 since February 2022, according to IATA. Demand in June was only 2.4% below June 2019 levels (pre-pandemic). For the half year, demand was down 8.1% compared to H12022 (-8.7% for international operations).
Capacity, measured by ACTKs, increased 9.7%, which was a slower rate compared to the double-digit growth recorded between March and May. IATA says: "This reflects strategic capacity adjustments airlines are making amid a weakened demand environment." Capacity for the first half of 2023 was up 9.9%, and is now 3.7% above June 2019 levels.
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We remain hopeful that the difficult trading conditions for air cargo will moderate as inflation eases in major economies. This, in turn, could encourage the central banks to loosen the money supply, which could stimulate greater economic activity: Willie Walsh, IATA
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