The International Air Transport Association (IATA) has released data for global air cargo markets indicating the strongest year-on-year growth in roughly two years.
This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo.
Global demand for air cargo in November 2023, measured in cargo tonne-kilometres (CTKs), increased by 8.3 per cent compared to November 2022. For international operations, demand growth was 8.1 per cent.
Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7 per cent compared to November 2022 (+11.6 per cent for international operations). Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-COVID recovery.
Compared to November 2019 (pre-COVID-19), demand is down 2.5 per cent while capacity is up 4.1 per cent.
IATA’s Director General, Willie Walsh, noted that November air cargo demand was up 8.3 per cent on 2022—the strongest year-on-year growth in almost two years.
“That is a doubling of October’s 3.8 per cent increase and a fourth month of positive market development. It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon,” Walsh said.
In the regional performance section, African airlines saw their air cargo volumes increase by 3.9 per cent in November 2023, slightly improved compared to October’s +2.9 per cent growth performance. Capacity was 14.0 per cent above November 2022 levels.
Asia-Pacific airlines saw their air cargo volumes increase by 13.8 per cent in November 2023 compared to the same month in 2022. This performance was significantly above the previous month’s growth of 7.6 per cent. Available capacity for the region’s airlines increased by 29.6 per cent compared to November 2022 as more belly capacity came online with the removal of COVID-19 restrictions.
