Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3 percent compared to November 2022 as international passenger markets continue their post-COVID recovery.
The International Air Transport Association (IATA) has released the latest data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years on Tuesday.
This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo, according to IATA.
For international operations, demand growth was 8.1 percent, according to the IATA.
Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7 percent compared to November 2022 (+11.6% 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.
Both the manufacturing output and new export order Purchasing Managers Indexes (PMIs) – two leading indicators of global air cargo demand—continued to hover just below the 50-mark in November with small positive movements indicating a deceleration of the economic slowdown, the data said.
Global cross-border trade recorded growth for the third consecutive month in October, reversing its previous downward trend, it added.
Inflation in major advanced economies continued to soften in November as measured by the corresponding Consumer Price Index (CPI), centering around 3 percent year-on-year for the United States, Japan, as well as the EU, in November. In the meantime, China exhibited negative annual growth in its CPI for the second time in a row, the data said.
Air cargo yields (including surcharges) continued their significant upward trend (+8.9% since October). Rising yields are in line with improving air cargo load factors over recent months. This could be tied in part to booming e-commerce deliveries from China to western markets.
“November air cargo demand was up 8.3 percent on 2022—the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8 percent 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,” said Willie Walsh, IATA’s Director General.
