Global air cargo markets show that demand continued to track at near pre-pandemic levels in July (-3.5%), but below July 2021 performance (-9.7%), according to data released by the International Air Transport Association (IATA).
“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,” says Willie Walsh, IATA’s director general.
- Global demand, measured in cargo ton-kilometers (CTKs), fell 9.7% compared to July 2021 (-10.2% for international operations). Demand stood at -3.5% compared to July 2019.
- Capacity was 3.6% above July 2021 (+6.8% for international operations) but still 7.8% below July 2019 levels.
- New export orders 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.
- North American carriers posted a 5.7% decrease in cargo volumes in July compared to the same month in 2021. This was an improvement over the 13.5% decline in June.