The global air cargo demand fell 5.2% compared to May 2022 according to the data released by the International Air Transport Association (IATA). The complete air cargo report for May 2023 reflects a weak cargo condition.
The cargo capacity as measured by available cargo tonne-kilometers (ACTKs), rose 14.5% compared to May 2022, primarily driven by belly capacity which increased as demand in the passenger business recovers.
The report also shows decrease in global goods trade by 0.8% in April due to macroeconomic challenges and supply chain constraints.
“Trading conditions for air cargo continue to be challenging with a 5.2% fall in demand and several economic indicators pointing towards weakness. The second half of the year, however, should bring some improvements. As inflation moderates in many markets, it is widely expected that central bank rate hikes will taper. This should help stimulate economic activity with a positive impact on demand for air cargo,” said Willie Walsh, Director General, IATA.
The air cargo volume in Asia-Pacific decreased by 3.3% in May 2023 compared to the same month in 2022 while North American carriers have reflected weakest performance of all regions for the third consecutive month with an 8.1% decrease in cargo volumes in May 2023 compared to the same month in 2022.
The report shows European carriers witnessing a decline of 6.7% in cargo volumes as compared to may 2022 while the carriers in Middle East experienced a 3.1% year-on-year decrease in cargo volumes in May 2023.
As per the report, Latin American carriers had the only positive performance in May 2023 posting a 3.6% increase in cargo volumes compared to May 2022 while African airlines posted a 2.4% decrease in demand compared to May 2022.
