AIR CARGO NEAR PRE-COVID LEVELS
On 7 September, the International Air Transport Association (IATA) released data for July 2022 global air cargo markets showing that demand continued to track at near pre-pandemic levels in July, but below July 2021 performance. Global demand, measured in cargo tonne-kilometres (CTKs), fell 9.7% compared to July 2021. Demand stood at -3.5% compared to July 2019. Capacity was 3.6% above July 2021, but still 7.8% below July 2019 levels.
According to IATA, several factors in the operating environment should be noted, including the fact that new export orders decreased in all markets, except China which began a sharp upward trend in June. The Russian 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 is expected to further boost recovery in coming months. While maritime will be the main beneficiary, IATA notes that air cargo is set to receive a boost.
Source: IATA