AIR CARGO GROWTH CONTINUES IN JANUARY BUT AT A SLOWER PACE
On 9 March, the International Air Transport Association (IATA) released data for global air cargo markets showing slower growth in January 2022. Supply chain disruptions and capacity constraints, as well as a deterioration in economic conditions for the sector dampened demand.
Global demand, measured in cargo tonne-kilometres (CTKs), was up 2.7% compared to January 2021, which was significantly lower than the 9.3% growth seen in December 2021. Capacity was 11.4% above January 2021 levels. While this is in positive territory, compared to pre-COVID-19 levels, capacity remains constrained, 8.9% below January 2019 levels.
According to IATA’s analysis, supply chain disruptions as well as a deterioration in economic conditions for the sector are slowing growth. In that regard several factors were noted, including supply chain disruptions resulting from flight cancellations due to labour shortages, winter weather and to a lesser extent the deployment of 5G in the USA, as well as the zero-COVID policy in mainland China and Hong Kong.
Source: IATA