MAY AIR CARGO FIGURES IMPROVED BY EASING OF OMICRON RESTRICTIONS IN CHINA
On 7 July, the International Air Transport Association (IATA) published data for global air cargo markets in 2022, showing that the easing of the COVID-19 Omicron restrictions in China helped to alleviate supply chain constraints and contributed to a performance improvement in May.
Global demand, measured in cargo tonne-kilometres (CTKs), was 8.3% below May 2021 levels, which represents an improvement on the year-on-year decline of 9.1% seen in April. Simultaneously, capacity was 2.7% above May 2021, which more than offset the 0.7% year-on-year drop in April. Capacity expanded in all regions, with Asia-Pacific experiencing the largest growth.
IATA’s analysis notes that air cargo performance is being impacted by several factors, including the slight increase in trade activity in May as lockdowns in China were eased. Emerging regions also contributed to growth with stronger volumes. New export orders, a leading indicator of cargo demand and world trade, decreased in all markets, except China. The war in Ukraine continues to impair cargo capacity used to serve Europe, as several airlines based in Russia and Ukraine were key cargo players.
Source: IATA