AIR CARGO TONNE-KILOMETERS SHOWED RESILIENCE IN AUGUST
The International Air Transport Association (IATA) released data for global air cargo markets in August 2022, which demonstrated the industry’s resilience amid economic uncertainties. According to the statistics, global demand, measured in cargo tonne-kilometres (CTKs), fell 8.3% compared to August 2021, representing a slight improvement on the year-on-year decline of 9.7% seen in July. Simultaneously, capacity was 6.3% above August 2021, which is a significant expansion over the 3.6% year-on-year increase in July.
In its publication, IATA comments that several factors should be noted in the operating environment when looking at the results, including that global goods trade expanded slightly in August and the fact that additional easing of COVID-19 restrictions in China will positively impact cargo markets. While maritime will be the main beneficiary, air cargo will also receive a boost from these developments. Additionally, inflation levels in G7 countries slowed and oil prices stabilised in August.
Source: IATA