Global cargo demand in March fell 5.2% compared to March 2021 (-5.4% for international operations, according to data released by International Air Transport Association (IATA). Asia and Europe experienced the largest falls in capacity.
According to the agency, the effects of Omicron in Asia, the Russia – Ukraine war and a challenging operating backdrop contributed to the decline.
Asia-Pacific airlines saw air cargo volumes decrease by 5.1% in March 2022 compared to the same month in 2021. The zero-COVID policy in mainland China and Hong Kong is impacting performance. European carriers saw a 11.1% decrease in cargo volumes in March 2022, the weakest performance of all regions. The “Within Europe” market fell significantly, down 19.7% month on month.
Middle Eastern carriers experienced a 9.7% year-on-year decrease in cargo volumes in March. Capacity was up 5.3% compared to March 2021. Latin American carriers reported an increase of 22.1% in cargo volumes in March 2022 compared to the 2021 period. This was the strongest performance of all regions. African airlines saw cargo volumes increase by 3.1% in March 2022 compared to March 2021. Capacity was 8.7% above March 2021 levels.
The war in Ukraine led to a fall in cargo capacity used to serve Europe as several airlines based in Russia and Ukraine were key cargo players. Sanctions against Russia led to disruptions in manufacturing. And rising oil prices are having a negative economic impact, including raising costs for shipping.
New export orders, a leading indicator of cargo demand, are now shrinking in all markets except the US. The Purchasing Managers’ Index (PMI) indicator tracking global new export orders fell to 48.2 in March, the lowest since July 2020.
“Air cargo markets mirror global economic developments,” said Willie Walsh, IATA’s Director General. “In March, the trading environment took a turn for the worse. The combination of war in Ukraine and the spread of the Omicron variant in Asia have led to rising energy costs, exacerbated supply chain disruptions, and fed inflationary pressure. As a result, compared to a year ago, there are fewer goods being shipped—including by air.”
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