AIR CARGO DEMAND CONTINUES TO SOAR IN OCTOBER
On 5 December, the International Air Transport Association (IATA) reported encouraging data for the global air cargo industry, revealing that October witnessed a 3.8% surge in global demand measured in cargo tonne-kilometres (CTKs).
Capacity, measured in available cargo tonne-kilometres (ACTKs), also saw a significant rise, registering a 13.1% increase compared to the same period last year. This surge was predominantly attributed to the expansion in belly capacity, particularly in international operations, where it soared by 30.5%. European carriers saw their air cargo volumes increase by 1.0% in October compared to the same month in 2022, with capacity that increased by 7.0% in October 2023 compared to 2022.
Despite the the positive trend there are several key factors in the operating environment that should be noted, such as the Purchasing Managers' Index for manufacturing output and export orders in major economies (excluding the US) persist below the crucial 50 mark, signalling potential economic challenges. Additionally, while inflation in major advanced economies continued to decrease in October, China's Consumer Price Index revealed deflation for the second time this year, prompting concerns about a possible economic slowdown.
Mr Willie Walsh, IATA's Director General, emphasised that despite the 3.8% surge in demand for air cargo in October, it remains 2.4% below pre-pandemic levels. In light of the persistent uncertainty in the global economy, he stressed the importance of balancing optimism with caution.
Source:
IATA