Global air cargo demand reached near pre-pandemic levels in July but remains significantly below its performance last year.
This is according to data released by the International Air Transport Association (Iata) which shows that cargo demand was just 3.5% below 2019 levels, albeit 9.7% below July 2021 levels.
“Global demand, measured in cargo tonne-kilometres (CTKs), fell 9.7% compared to July 2021 (-10.2% for international operations). Demand stood at -3.5% compared to July 2019,” Iata said in a statement.
Capacity was 3.6% above July 2021 (up 6.8% for international operations), but still 7.8% below July 2019 levels.
The association said several factors had impacted the operating environment. This included new export orders, a leading indicator of cargo demand, which had decreased in all markets except China which began a sharp upward trend in June.
The war in Ukraine had also continued to impair cargo capacity used to serve Europe as several airlines based in Russia and Ukraine were key cargo players.
Global goods trade continued to recover in the second quarter, and the additional easing of Covid-19 restrictions in China is expected to further boost recovery in coming months. Maritime will be the main beneficiary but air cargo is set to receive a boost.
“Air cargo is tracking at near 2019 levels, although it has taken a step back compared to the extraordinary performance of 2020-2021. Volatility resulting from supply chain constraints and evolving economic conditions has seen cargo markets essentially move sideways since April,” Iata director-general Willie Walsh said.
“July data shows us that air cargo continues to hold its own, but as is the case for almost all industries, we’ll need to carefully watch both economic and political developments over the coming months.”
