Geneva, Jan 9: In a recent release by the International Air Transport Association (IATA), the global air cargo market has shown a significant surge in growth for November 2023. This notable increase marks the strongest year-on-year growth observed in approximately two years, indicating a promising trend in the industry.
According to the IATA data, global demand for air cargo, measured in cargo tonne-kilometres (CTKs), climbed by 8.3 per cent compared to the same period in 2022. This rise is particularly noteworthy in international operations, where demand grew by 8.1 per cent. This growth is attributed not only to the comparative weakness of November 2022 but also to a consistent uptick in demand over the past four months.
The capacity in the air cargo sector, indicated by available cargo tonne-kilometres (ACTKs), has also seen a rise, increasing by 13.7 per cent compared to November 2022. This growth, especially in international operations (up 11.6 per cent), is largely due to the expansion in belly capacity as international passenger markets rebound post-COVID.
However, when compared to pre-COVID-19 levels (November 2019), there is a slight decline in demand by 2.5 per cent, even though the capacity has risen by 4.1 per cent.
Several key indicators were highlighted in the report:
- Manufacturing output and new export order Purchasing Managers Indexes (PMIs) remained just below the 50-mark in November, indicating a slow-down in economic deceleration.
- Global cross-border trade recorded growth for the third consecutive month in October.
- Inflation in major economies softened in November, centering around three per cent year-on-year.
- Air cargo yields continued to rise, showing an 8.9 per cent increase since October, correlating with improving load factors and a boost in e-commerce deliveries from China to western markets.
Willie Walsh, IATA’s Director General, commented on the findings: “November air cargo demand was up 8.3 per cent on 2022—the strongest year-on-year growth in almost two years. It is shaping up to be an encouraging year-end for air cargo despite significant economic concerns throughout 2023.”
The report also provided a detailed regional performance analysis for November 2023. Key highlights include:
- Asia-Pacific airlines experienced a substantial increase in cargo volumes by 13.8 per cent.
- North American carriers saw a modest 1.8 per cent increase in cargo volumes.
- European carriers reported a 6.7 per cent increase in air cargo volumes.
- Middle Eastern carriers led the performance with a 13.5 per cent increase in cargo volumes.
- Latin American carriers saw a 4.2 per cent rise in cargo volumes.
- African airlines experienced a 3.9 per cent increase in their air cargo volumes.
This comprehensive analysis by IATA underscores a robust recovery and growth trend in the global air cargo market, signaling a positive outlook for the industry as it navigates through the post-COVID era.
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