Air Cargo Continues Resurgence, Approaches Pre-Pandemic Numbers

September 7, 2022

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:

  • New export orders, a leading indicator of cargo demand, decreased in all markets, except China which began a sharp upward trend in June.
  • The war in Ukraine continues to impair cargo capacity used to serve Europe as several airlines based in Russia and Ukraine were key cargo players.
  • Global goods trade continued to recover in Q2 and the additional easing of COVID-19 restrictions in China will further boost recovery in coming months. While maritime will be the main beneficiary, air cargo is set to receive a boost.
  • “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 2022WORLD SHARE1CTKACTKCLF(%-PT)2CLF(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.

    {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
    >