Global air cargo demand continued to outpace capacity growth in May, with volumes rising 6% year on year as airlines adapted to shifting trade patterns despite continued disruption in the Middle East, said the International Air Transport Association (IATA).
Available cargo capacity increased by 1.9% year on year in May, while international cargo demand rose by 6.5%. Higher load factors helped airlines offset elevated operating costs, according to IATA.
African airlines recorded the strongest regional growth, with cargo demand increasing 13.3% year on year. However, African carriers account for just 2.1% of global air cargo traffic, IATA says. North American carriers posted the second-strongest growth at 10.5%, while Asia-Pacific carriers recorded an 8% increase.
By contrast, Middle Eastern airlines saw cargo demand contract by 8.9% as the regional conflict continued to disrupt operations. Trade on the Europe-Middle East and Middle East-Asia corridors remained under pressure, declining by 19.8% and 16.5% respectively.
"May's strong performance, coupled with macro-economic factors, gives cautious optimism for air cargo's prospects over the remainder of the year," said IATA director general, Willie Walsh.
"Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply-chain needs. Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It's still a tough year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear."
The figures support recent market trends showing that demand continues to outpace available capacity. Earlier this month, Xeneta reported a sharp rise in global air cargo spot rates despite a gradual recovery in capacity, with higher demand continuing to support pricing.
Capacity growth also remains constrained by aircraft delivery delays, engine reliability issues and shortages of spare parts. IATA recently warned that these supply chain challenges were limiting fleet expansion and forcing airlines to keep older aircraft in service for longer.
