Air cargo demand up despite challenges in July

According to the latest data from the International Air Transport Association (IATA), July air cargo demand was marginally (0.8 per cent) below the previous year’s levels. Although demand is basically flat compared to 2022, this is an improvement on recent months’ performance that is particularly significant given declines in global trade volumes and rising concerns over China’s economy, the update added. Global demand, measured in cargo tonne-kilometers (CTKs), was a significant improvement over the previous month’s performance (-3.4 per cent). “The global air cargo industry registered 20.7 billion CTKs in July, extending its steady improvement since February. Year-on-year (YoY) industry CTKs narrowed the gap while remaining 3.3 percent lower than their pre-pandemic level in 2019. The improved annual growth rate in global CTKs is also a result of growth stemming from a lower 2022 baseline.” Capacity, measured in available cargo tonne-kilometers (ACTKs), was up 11.2 percent compared to July 2022 (eight percent for international operations). “The strong uptick in ACTKs reflects the growth in belly capacity (29.3 percent year-on-year) due to the summer season.”