AIR CARGO GROWTH CONTINUES IN FEBRUARY, UP 2.9%
On 6 April, the International Air Transport Association (IATA) released data for global air cargo markets showing that demand in February increased despite a challenging operating backdrop.
Global demand, measured in cargo tonne-kilometres (CTKs), was up 2.9% compared to February 2021. Adjusting the comparison for the impact of the Lunar New Year (which can cause volatility in reporting) by averaging January’s and February’s performance, demand increased 2.7% year-on-year. While cargo volumes continued to rise, the growth rate decelerated from the 8.7% year-on-year expansion in December. Capacity was 12.5% above February 2021. While this is in positive territory, compared to pre-COVID-19 levels capacity remains constrained, 5.6% below February 2019 levels.
IATA notes that several factors benefitted air cargo in February compared to January. On the demand side, manufacturing activity ramped-up quickly after the early February Lunar New Year holiday. Capacity was positively influenced by the general and progressive relaxation of COVID-19 travel restrictions, reduced flight cancellations due to Omicron-related factors (outside of Asia), and fewer winter weather operational disruptions. The impact of Russia’s invasion of Ukraine had limited effect globally on February’s performance as it occurred very near the end of the month. The negative impacts of war and related sanctions (particularly higher energy costs and reduced trade) will become more visible from March.
Source: IATA