The International Air Transport Association (IATA) released data for global air cargo markets showing healthy and stable performance.
- Global demand, measured in cargo tonne-kilometers (CTKs*), was 6.4% below June 2021 levels (-6.6% for international operations). This was an improvement on the year-on-year decline of 8.3% seen in May. Global demand for the first half-year was 4.3% below 2021 levels (-4.2% for international operations). Compared to pre-COVID levels (2019) half-year demand was up 2.2%.
- Capacity was 6.7% above June 2021 (+9.4% for international operations). This was an increase on the 2.7% year-on-year growth recorded in May. Capacity for the first half-year was up 4.5% (+5.7% for international operations) compared to first half-year of 2021. Compared to pre-COVID levels demand was up 2.5%.
- Air cargo performance is being impacted by several factors.
- Trade activity ramped-up slightly in June as lockdowns in China due to Omicron were eased. Emerging regions (Latin America and Africa) also contributed to growth with stronger volumes.
- New export orders, a leading indicator of cargo demand and world trade, decreased in all markets, except China.
- The war in Ukraine continues to impair cargo capacity used to serve Europe as several airlines based in Russia and Ukraine were key cargo players.
“Air cargo demand over the first half of 2022 was 2.2% above pre-COVID levels (first half 2019). That’s a strong performance, particularly considering continuing supply chain constraints and the loss of capacity due to the war in Ukraine. Current economic uncertainties have had little impact on demand for air cargo, but developments will need to be closely monitored in the second half,” said Willie Walsh, IATA’s Director General.