The trend of recovering growth rates that global air cargo markets has seen since February continued in July, according to figures by the International Air Transport Association (IATA).
The air cargo demand was tracking just 0.8% below the previous year’s levels. Although demand is now basically flat compared to 2022, this is an improvement on recent months’ performance. This is particularly significant given declines in global trade volumes and rising concerns over China’s economy.
Global demand, measured in cargo tonne-kilometers (CTKs), tracked at 0.8% below July 2022 levels (-0.4% for international operations), a significant improvement over the previous month’s performance of -3.4%.
Capacity, measured in available cargo tonne-kilometers (ACTKs), was up 11.2% compared to July last year (8% for international operations). The strong uptick in ACTKs reflects the growth in belly capacity (29.3% year-on-year) due to the summer season.
“…Many fundamental drivers of air cargo demand, such as trade volumes and export orders, remain weak or are deteriorating,” said said Willie Walsh, IATA’s Director General. “And there are growing concerns over how China’s economy is developing. At the same time, we are seeing shorter delivery times, which is normally a sign of increasing economic activity. Amid these mixed signals, strengthening demand gives us good reason to be cautiously optimistic.”
Asia-Pacific airlines saw air cargo volumes increase by 2.7% in July 2023 compared to the same month in 2022, a significant improvement compared to June’s -3.3%. North American carriers posted the weakest performance of all regions, with a 5.2% decrease in cargo volumes in July 2023 compared to the same month in 2022. July marked the fifth consecutive month in which the region had the weakest performance.
Eropean carriers saw air cargo volumes decline by 1.5% in July compared to the same month last year. Middle Eastern carriers experienced a 1.5% year-on-year increase in cargo volumes while Latin American carriers posted a 0.4% increase in cargo volumes.
African airlines had the strongest performance in July with a 2.9% increase in cargo volumes compared to July last year. Notably, Africa–Asia routes experienced significant cargo demand growth (10.3%).
Lockheed Martin has delivered the first of eight C-130J-30 Super Hercules tactical airlifters to the Ohio Youngstown Air Reserve Station,…
Challenge Group has announced the appointment of Eyjolfur (Eyvi) Vestmann Ingolfsson as its new Head of Materials and Logistics, aimed…
SATS Airport Services Pte Ltd, a wholly-owned subsidiary of SATS Ltd (SATS), SIA Engineering Company Limited (SIAEC), and Changi Airport…
INJAZ Al-Arab, a Jordan-based non-profit education and training organisation and a member of Junior Achievement (JA) Worldwide, has partnered with…
The Royal Thai Air Force (RTAF) officially accepted the delivery of its initial pair of AT-6TH Wolverine turboprop aircraft in…
TransNusa is set to become the first foreign airline to operate from Sultan Abdul Aziz Airport, commonly known as Subang…
SATS Ltd, a Singapore-based provider of air cargo handling services and food solutions, has entered into a Memorandum of Understanding…
The Royal Thai Air Force (RTAF) has chosen the Swedish-manufactured SAAB JAS 39E/F Gripen over the American Lockheed Martin F-16…
Batik Air Malaysia has unveiled two new routes from Kuala Lumpur to Thailand, with Hat Yai and Krabi being the…
Boeing and Emirates SkyCargo have announced an order for five additional 777 freighters. The purchase takes Emirates' order book to 245…
Boeing aircraft will be conspicuous by their near-total absence from the show, but the American OEM is expected to walk…
Eve Air Mobility will provide an update on key program milestones, including its first full-scale prototype, at the Farnborough Air…
Boeing, which is not bringing any of its commercial jets to this year's Farnborough Airshow, will instead focus on highlighting…
Gulfstream Aerospace has appointed Smitha Hariharan as vice president and chief sustainability officer, effective immediately. In the newly created role,…
Rafael Advanced Defense Systems has been upgraded to an 'A' credit rating by S&P Global Ratings, with a stable outlook.…
Qantas will likely use a North Pole route to achieve its Project Sunrise Sydney to London nonstop with the A350-1000…
Fincantieri marked an important milestone with the launch of the seventh PPA (Multipurpose Combat Ship), named "Domenico Millelire," at the…
Sierra Space Corporation, in collaboration with Japan Airlines Co., Ltd., Kanematsu Corporation, and Oita Prefecture, has announced the inclusion of…
The Malaysian Army has recently announced a tender inviting local companies to supply and deliver 800 M72 Light Anti-tank Weapon…
China has proposed supplying the Type 052D destroyer to the Indonesian Navy (TNI AL) as part of a broader effort…
Following the recent signing of the Reciprocal Access Agreement (RAA) between the Philippines and Japan, reports suggest that the Philippines…
The U.S. military has awarded SRC, Inc. a contract worth USD 25 million to develop the Long-Range Radar, a large…
Australia’s largest international air combat training exercise, Exercise Pitch Black, is set to take place from 12 July to 2…
The Spanish space launcher company, PLD Space, has secured a EUR31.2 million syndicated loan with Banco Santander, EBN Banco, and…
Malaysia Airlines’ inaugural A330neo has been unveiled in Toulouse, proudly displaying the airline’s distinctive Malaysia flag livery. This milestone marks…
IFS, a Sweden-based provider of cloud and industrial AI software, has announced the acquisition of EmpowerMX - an AI-powered aviation…
The Indonesian Navy (TNI AL) launched two new Dorang-class patrol vessels in Serang, Banten province, on Friday (Jul. 12). Constructed…
Vietjet, in partnership with the Ministry of Public Works and Transport of Laos, has announced a new agreement aimed at…
China Southern Airlines (CSN) and Malaysia Airlines (MAS) have expanded their codeshare flights to encompass three new routes: Guangzhou-Penang, Kuala…
Saudi Arabia has ordered four additional Airbus A330 Multi Role Tanker Transport (MRTT) aircraft for the Royal Saudi Arabia Air…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.