AIR CARGO VOLUMES AND YIELDS ON ROBUST UPWARD TREND
According to recent figures published by the International Air Transport Association (IATA) in the cargo chartbook for Q3 2021, industry-wide cargo tonne-kilometres (CTKs) rose by 24.9% in the three months ending in July 2021 compared to the same period in 2019. The upward trend in air cargo volumes continued in the past three months, but seasonally adjusted numbers show the growth has slowed compared to early 2021.
Although some drivers are impacted by the spread of the Delta variant and supply chain congestion, conditions are supportive of air cargo. In particular, the inventory restocking cycle continues and allows air cargo to overperform global goods trade.
The report further notes that air cargo capacity is still constrained, in particular due to the lack of belly space on international passenger flights, which translates into elevated load factors. Industry-wide available cargo tonne-kilometres (ACTKs) fell by 11.3% in the three months ending in July 2021 compared to pre-crisis values. Cargo yields are trending upwards again, providing support to cargo revenues.
Source: IATA