The air cargo market has shown some improvement in May, thanks to the easing of Covid-19 restrictions in China.According to the International Air Transport Association (Iata), global demand, measured in cargo tonne-kilometres (CTKs), was 8.3% below May 2021 levels (-8.1% for international operations). This was an improvement on the year-on-year decline of 9.1% seen in April. Capacity was 2.7% above May 2021 (5.7% for international operations). This more than offset the 0.7% year-on-year drop in April. Capacity expanded in all regions, with Asia-Pacific experiencing the largest growth. “May offered positive news for air cargo, most notably because of the easing of some Omicron restrictions in China,” said Willie Walsh, director general of Iata. “On a seasonally adjusted basis, we saw growth (0.3%) after two months of decline. “The return of Asian production as Covid-19 measures eased, particularly in China, will support demand for air cargo. And the strong rebound in passenger traffic has increased belly capacity, although not always in the markets where the capacity crunch is most critical. But uncertainty in the overall economic situation will need to be carefully watched.”In Africa in particular, airlines saw cargo volumes decrease by 1.5% in May compared to May 2021. This was significantly slower than the growth recorded the previous month at 6.3%. Capacity was 3% above May 2021 levels.According to Iata, air cargo performance around the world was being impacted by several factors, including trade activity that had ramped up slightly as lockdowns in China ended. However, new exporter orders – a leading indicator for air cargo shipments – were still not particularly buoyant. Apart from China’s shipments, several other major economies all declined.The ongoing war in Ukraine also continued to impair cargo capacity used to serve Europe.
