Global air cargo markets in June showed the smallest year-over-year contraction in demand since February 2022, according to data released by the International Air Transport Association (IATA).
lobal demand, measured in cargo tonne-kilometers (CTKs), fell 3.4% in June compared to June 2022 (-3.7% for international operations). For the half year, demand slid 8.1% compared to the January-June period of 2022 (-8.7% for international operations). However, demand in June was only 2.4% below June 2019 levels (pre-pandemic).
Capacity, as measured by available cargo tonne-kilometers (ACTKs), rose 9.7% compared to June 2022, which was a slower rate compared to the double-digit growth recorded between March and May. This reflects strategic capacity adjustments airlines are making amid a weakened demand environment. Capacity for the first half of 2023 was up 9.9% compared to a year ago. Capacity is now 3.7% above June 2019 (pre-pandemic) levels.
Asia-Pacific airlines saw their air cargo volumes decrease by 3.6% while North American carriers had a 6.5% decrease. European carriers experienced a 2.8% decrease while Middle Eastern carriers posted a 0.5% increase in cargo volumes. Latin American carriers had strongest performance in June, with a 7.3% increase in cargo volumes compared to June 2022.
Global cross-border trade decreased by 2.4% year-over-year in May, reflecting the cooling demand environment and challenging macroeconomic conditions. The difference between the annual growth rates of air cargo and the global goods trade narrowed to -2.6 percentage points in May, representing the smallest gap since January 2022. However, the gap still suggests that air cargo continues to suffer more than container cargo from the slowdown in global trade.
“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,” said Willie Walsh, IATA’s Director General.
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