Cargo demand drops nearly 15% in Jan: IATA

Industry-wide cargo tonne-kilometres (CTKs) fell 14.9 percent YoY in January 2023, marking the 11th month of consecutive annual decline in global demand, according to the latest update from the International Air Transport Association (IATA). “Compared with January 2019 cargo traffic, industry CTKs contracted by 11 percent. Seasonally adjusted (SA) air cargo traffic decreased by 10.9 percent YoY, albeit with a 2 percent increase from December 2022.” International CTKs declined slightly faster, registering a 16.2 percent YoY decline in January. Cargo capacity – measured by available cargo tonne-kilometres (ACTKs) – increased 3.9 percent YoY in January, “reflecting the strong recovery of belly cargo capacity in passenger airline markets. Cargo load factors stood at 44.8 percent.” This was the first YoY growth in capacity since October 2022. The outlook for the air cargo industry in 2023 is expected to be challenging, says the update. “Multiple macroeconomic headwinds stemming from the global pandemic persist and the on-going war in Ukraine has disrupted important trade flows and economic activity across various regions.”