Global air cargo demand up 3.8% YoY in Oct 2023: IATA

This was the third consecutive month of stronger YoY demand.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up by 13.1 per cent YoY during the month; the figure was 11.1 per cent YoY for international operations.

This was largely related to the growth in belly capacity—the freight capacity in the cargo holds of a passenger aircraft. International belly capacity, for example, rose by 30.5 per cent YoY on the strength of passenger markets.

Global trade reversed its downward trajectory and stabilized in September. Although below its 2022 peak, global cross-border trade is more than 5 per cent above pre-pandemic levels.

After a continuous 17-month decline, cargo yields ticked-up in September and continued into October with a 2.6 per cent month-on-month gain, remaining well-above pre-pandemic levels, an IATA release said.

Middle Eastern carriers had the strongest performance in October this year, with a 10.9 per cent YoY increase in cargo volumes. This was a significant improvement from the previous month’s 2.5 per cent.

Asia-Pacific airlines saw their air cargo volumes increase by 7.6 per cent YoY in October. This was close to par with the previous month’s (7.7 per cent). Carriers in the region benefited from ongoing growth in international CTKs on three major trade lanes: Africa-Asia (16.7 per cent, the greatest annual growth since May), Middle East-Asia (10.3 per cent) and Europe-Asia (8.5 per cent).

Available capacity for the Asia-Pacific region’s airlines increased by 30 per cent YoY as more belly capacity came online from the passenger side of the business.

North American carriers had the weakest performance in October with a 1.8 per cent decrease YoY in cargo volumes. This was a slight improvement in performance compared to September (minus 2.2 per cent).

Although the North America-Asia trade lane recorded an increase in international CTKs from minus 1.8 per cent in September to minus 0.9 per cent in October, and the North America-Europe market saw a slight improvement in international CTKs from minus 2.7 per cent in September to minus 2.1 per cent in October, carriers in the region did not benefit significantly. Capacity increased by 2.4 per cent YoY.

European carriers saw their air cargo volumes increase by 1 per cent YoY in October. This was a stronger performance than September’s minus 1.5 per cent. Capacity increased by 7 per cent YoY during the month.

Latin American carriers experienced a 4 per cent YoY increase in cargo volumes, a notable increase compared to the previous month’s 2.3 per cent gain. Capacity in October was up by 8.3 per cent YoY.

African airlines saw their air cargo volumes increase by 2.9 per cent YoY in October, much improved compared to September’s minus 0.1 per cent.

Fibre2Fashion News Desk (DS)