Demand in global air cargo markets continued to witness a strong growth trend in July, according to data released by the International Air Transport Association (IATA).
Global demand, measured in cargo tonne-kilometers (CTKs*), was up 8.6% compared to July 2019. Overall growth remains strong compared to the long-term average growth trend of around 4.7%.
According to IATA, the pace of growth slowed slightly compared to June which saw demand increase 9.2% (against pre-COVID-19 levels). Capacity continues to recover but is still 10.3% down compared to July 2019.
Economic conditions continue to support air cargo growth. The July export orders component of the manufacturing Purchasing Managers Indices (PMIs) was 52.7%, indicating a short-term boost to demand if those orders are shipped by air. The inventory-to-sales ratio remains low ahead of the peak year-end retail season.
“July was another solid month for global air cargo demand,” said Wille Walsh, IATA’s Director General. “Economic conditions indicate that the strong growth trend will continue into the peak year-end demand period. The Delta variant of COVID-19 could bring some risks. If supply chains and production lines are disrupted, there is potential for a knock-on effect for air cargo shipments.”
Asia-Pacific airlines saw demand for international air cargo increase 4.4% in July, compared to the same month in 2019, an improvement compared to the previous month’s 3.9% expansion. Demand is being affected by an easing of momentum in key activity indicators in Asia, and by congested supply chains.
North American carriers posted a 20.5% increase in international demand in July 2021 compared to July 2019 while European carriers saw a 6% increase in demand in July 2021 compared to the same month in 2019. Middle Eastern carriers posted an 11.3% rise in international cargo volumes in July this year compared to July 2019. Latin American carriers reported a decline of 10.2% in international cargo volumes in July compared to the 2019 period, an improvement from the -21.5% fall recorded in June.
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