The International Air Transport Association (IATA), the global trade organization that serves the worldwide air cargo industry, says that air cargo demand is tracking at near pre-pandemic levels based on data from July 2022.
July numbers were only minus 3.5 percent from 2019, although numbers were minus 9.7 percent from 2021.
Capacity was 3.6 percent above July 2021 (+6.8 percent for international operations) but still 7.8 percent below July 2019 levels.
Operating Factors to be Noted:
“Air cargo is tracking at near 2019 levels although it has taken a step back compared to the extra-ordinary performance of 2020-2021. Volatility resulting from supply chain constraints and evolving economic conditions has seen cargo markets essentially move sideways since April. July data shows us that air cargo continues to hold its own, but as is the case for almost all industries, we’ll need to carefully watch both economic and political developments over the coming months,” said Willie Walsh, IATA’s Director General.
| AIR CARGO MARKET DETAIL-JULY 2022 | WORLD SHARE1 | CTK | ACTK | CLF(%-PT)2 | CLF(LEVEL)3 |
|---|---|---|---|---|---|
Total Market | 100% | -9.7% | 3.6% | -6.9% | 47.2% |
Africa | 1.9% | -3.5% | -2.2% | -0.6% | 45.2% |
Asia Pacific | 32.6% | -9.0% | 2.7% | -7.3% | 56.3% |
Europe | 22.8% | -17.0% | 0.9% | -10.6% | 49.3% |
Latin America | 2.2% | 9.2% | 21.4% | -4.2% | 37.4% |
Middle East | 13.4% | -10.9% | 4.9% | -8.3% | 46.9% |
North America | 27.2% | -5.7% | 4.2% | 4.2% | 39.8% |
Keep in mind there are still significant supply-chain issues worldwide, including China's 'zero Covid tolerance policy' which sees them closing huge provinces in the millions almost on a rotating basis. These factors are certainly affecting the recent downturn in numbers. It is expected that demand will keep rising as these issues clear up...although that could take several years.