Air cargo demand again recorded slight declines in November 2022 «due to persistent headwinds», the International Air Transport Association (IATA) reported, with the sole exception of Latin America, which recorded year-on-year growth of 2.8%.
In this regard, the organisation pointed to the fall in new export orders in the world’s major economies, with the exception of the United States, Germany and South Korea, as well as the greater preponderance of seaborne trade, increased cost pressures as a result of the appreciation of the American dollar and high inflation as the main factors behind this situation.
According to figures revealed by IATA, global demand (measured in tonnes of freight per kilometre carried) fell by 13.7% compared to the same month in 2021. In addition, available capacity contracted by 1.9% for the second consecutive time since April 2022. International capacity declined by 0.1% year-on-year.
On the other hand, worldwide demand was 10.1% below that reported in November 2019.
After the real boom in air cargo during 2020 and 2021, which reached positive year-on-year variations of 50%, the segment’s growth started to slow down in 2022. November’s decline came despite an increase in global freight trade in the previous month.
«Air cargo market performance softened in November, the peak season for the industry, whose resilience to economic uncertainty is demonstrated by the relative stability of demand month-on-month», said Willie Walsh, Director General of IATA.
«November showed several indicators of bullishness: oil prices stabilised, inflation slowed and there was a slight expansion in international trade», Walsh added. He also noted that the market is showing mixed signals: «The contraction in global export orders and the increase in COVID-19 cases in China call for caution», he said.
Air cargo in each region during November 2022
- Asia-Pacific: down 18.6% year-on-year. This was the largest decline by region globally. Capacity was down 4.5% compared to the same month in 2021. Air cargo in Asia-Pacific accounted for 32.6% of the global total.
- North America: down 6.6% year-on-year. However, it represented an improvement from the 8.6% decline recorded in October. On the other hand, capacity increased by 0.3% compared to November 2021. Air cargo in North America accounted for 27.2% of the global total.
- Europe: down 16.5% year-on-year. This represented an improvement from the 18.8% decline recorded in October. Capacity decreased by 6.6% year-on-year. Air cargo in Europe accounted for 22.8% of the global total.
- Middle East: down 14.7% year-on-year, a slight improvement from the 15% reported the previous month. Capacity increased by 2.1% year-on-year. Air cargo in the Middle East accounted for 13.4% of the global total.
- Latin America: better performance globally, up 2.8% year-on-year. Capacity also increased by 2.8% compared to November 2021. Air cargo in Latin America accounted for 2.2% of the global total.
- Africa: down 6.3% year-on-year. However, it was an improvement from the 8.3% recorded in October. Capacity was 11.4% below November 2021 levels. Air cargo in Africa accounted for 1.9% of the global total.
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