Global air cargo demand increased 3% YoY in Dec: DHL

Global air cargo demand increased three per cent in December compared to December 2022, according to the latest Air Freight State of the industry report by DHL Global Forwarding. Despite a slight increase in output price inflation observed in November 2023, it remained among the lowest levels seen in the past three years, contributing to an environment of relative stability. “PMI index increased to 50.4 in November from October’s 50.0, indicating a slight revival in production growth. Global demand remains low, leading to a decline in demand-driven price pressures towards their long-term average,” the report added. The report emphasises an upswing of 10 percent in air cargo capacity compared to December 2022. The growth is attributed to a 17 percent increase in passenger belly cargo capacity. However, certain regions experienced capacity constraints during Q423 due to higher seasonal demand, resulting in industry backlogs.