Year-on-year (y-o-y) air cargo demand is on the rise, according to the International Air Transport Association (Iata).This comes as global demand, measured in cargo tonne kilometres (CTKs), increased by 1.5% compared to August 2022 levels. Capacity, measured in available cargo tonne kilometres (ACTKs), was up 12.2% compared to August 2022. This was largely related to belly capacity, which rose 30% as airlines ramped up operations to meet peak northern summer travel season demand.“This is the first year-on-year growth in 19 months, so it is certainly welcome news. But it is off a low 2022 base and market signals are mixed. Looking ahead, while many uncertainties remain, we can take some optimism from the data moving towards positive territory. This is particularly significant as we head into air cargo’s traditional peak year-end season,” said Willie Walsh, Iata director general.Walsh said factors that impacted the cargo demand increase included the fact that in August, both the manufacturing output Purchasing Managers Index (PMI)) and new export orders saw a slight improvement compared to the previous month. They remained, however, below the critical threshold, indicating a continuing, if slower, annual decline in global manufacturing production and exports. Global cross-border trade also contracted for the fourth month in a row in July, decreasing 3.2% y-o-y. This ref lected the cooling demand environment and general macroeconomic conditions currently experienced around the globe. “Inf lation saw a mixed picture in August, with an increase in US consumer prices for the second month in a row. Meanwhile, in Europe and Japan, consumer and producer prices fell. In China, which is fighting def lationary pressures, consumer prices rose,” said Walsh.African airlines recorded the weakest performance in August, with a 4.7% decline in cargo volumes compared to August 2022. This was a significant decrease in performance compared to July. Notably, Africa–Asia routes declined by 1.1% in August following an 11.2% growth in July. Capacity was 3.8% above August 2022 levels.
