Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3 per cent compared to November 2022. For international operations, demand growth was 8.1 per cent.
Global air cargo markets data for November 2023 indicate the strongest year-on-year growth in roughly two years.
Global demand for air cargo rose by 8.3 per cent compared to November 2022.
For international operations, demand growth was 8.1 per cent.
Capacity was up by 13.7 per cent compared to November 2022 (plus 11.6 per cent for international operations).
Capacity, measured in available cargo tonne-kilometres (ACTKs), was up by 13.7 per cent compared to November 2022 (plus 11.6 per cent for international operations).
Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-COVID recovery.
Compared to November 2019 (pre-COVID-19), demand is down by 2.5 per cent, while capacity is up by 4.1 per cent, an IATA release said.
Both the manufacturing output and new export order purchasing managers indexes (PMIs)—two leading indicators of global air cargo demand—continued to hover just below the 50-mark in November with small positive movements indicating a deceleration of the economic slowdown.
Global cross-border trade recorded growth for the third consecutive month in October, reversing its previous downward trend.
Inflation in major advanced economies continued to soften in November last year as measured by the corresponding consumer price index (CPI), centering around 3 per cent YoY for the United States, Japan, as well as the European Union (EU), in November.
In the meantime, China exhibited negative annual growth in its CPI for the second time in a row.
Air cargo yields (including surcharges) continued their significant upward trend (plus 8.9 per cent since October). Rising yields are in line with improving air cargo load factors over recent months. This could be tied in part to booming e-commerce deliveries from China to western markets.
Asia-Pacific airlines saw their air cargo volumes increase by 13.8 per cent YoY in November 2023. This performance was significantly above the previous month’s growth of 7.6 per cent. Available capacity for the region’s airlines increased by 29.6 per cent compared to November 2022 as more belly capacity came online with the removal of COVID-19 restrictions.
North American carriers had the weakest demand growth in November with a 1.8 per cent increase YoY in cargo volumes. This was, nonetheless, a significant improvement in performance compared to October’s 1.8-per cent contraction. Capacity increased by 4 per cent compared to November 2022.
European carriers saw their air cargo volumes increase by 6.7 per cent YoY in November. This was a stronger performance than in October (1 per cent). Capacity increased by 6.5 per cent in November 2023 compared to 2022.
Middle Eastern carriers had the strongest performance in November 2023, with a 13.5 per cent YoY increase in cargo volumes. This was similar to the significant improvement noted in the previous month’s performance (plus 13 per cent). Capacity increased by 15.4 per cent compared to November 2022.
Latin American carriers experienced a 4.2 per cent YoY increase in cargo volumes in November 2023, quite similar to the 4-per cent YoY increase recorded for October. Capacity in November was up by 7.7 per cent YoY.
African airlines saw their air cargo volumes increase by 3.9 per cent in November 2023, slightly improved compared to October’s plus 2.9 per cent growth performance. Capacity was 14 per cent above November 2022 levels.
Fibre2Fashion News Desk (DS)
