GLOBAL air cargo demand softened in November 2022, according to the latest data from the International Air Transport Association.
Global demand, measured in cargo tonne-kilometres, fell 13.7% from figures reported in November 2021 (-14.2% for international operations).
Capacity, measured in available cargo tonne-kilometres, was 1.9% below what it was in November 2021.
IATA highlighted some figures from October to help understand the operating environment in November.
For example, global new export orders were stable in October, but were shrinking across major economies except Germany, the US and South Korea, where they grew.
And the global goods trade expanded by 3.3% in October.
IATA said, given the softening in air cargo demand, the goods trade expansion suggests maritime cargo was the primary beneficiary.
IATA director general Willie Walsh said November is the traditional peak season for air cargo.
“Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis,” Mr Walsh said.
“But market signals are mixed. November presented several indicators with upside potential: oil prices stabilised, inflation slowed and there was a slight expansion in goods traded globally.
“But shrinking export orders globally and China’s rising Covid cases are cause for careful monitoring.”
In the Asia-Pacific region, airlines saw air cargo volumes decrease by 18.6% in November 2022 compared to the same month in 2021.
IATA said this was the worst performance of all regions and a decline in performance compared to October (-14.7%).
It said airlines in the Asia-Pacific continue to be impacted by lower levels of trade and manufacturing activity and disruptions in supply chains due to China’s rising Covid-19 cases. Available capacity in the region decreased by 4.5% compared to 2021.
North American carriers posted a 6.6% decrease in cargo volumes in November 2022 compared to the same month in 2021.
IATA said this was an improvement in performance compared to October (-8.6%). Capacity increased 0.3% compared to November 2021. European carriers saw a 16.5% decrease in cargo volumes in November 2022 compared to the same month in 2021.
IATA said attributed the improvement in performance compared to October (-18.8%) to the stronger new export orders in Germany.
It said airlines in the region continue to be most affected by the war in Ukraine, and that high inflation levels, most notably in Türkiye, also affected volumes. Capacity decreased 6.6% in November 2022 compared to November 2021.
In the Middle East, carriers experienced a 14.7% year-on-year decrease in cargo volumes in November 2022, which was a marginal improvement to the previous month (-15.0%).
Cargo volumes to and from Europe impacted the region’s performance, registering a 16.3% year-on-year decline in November. Capacity increased 2.1% compared to November 2021.
Latin American airlines reported a 2.8% increase in cargo volumes in November 2022 compared to November 2021.
IATA highlighted this was the strongest performance of all regions, and a significant improvement in performance compared to October (-1.4%). Capacity in November was up 2.8% compared to the same month in 2021.
And African airlines saw cargo volumes decrease by 6.3% in November 2022 compared to November 2021.
This was an improvement in performance compared to the previous month (-8.3%), though capacity was 11.4% below November 2021 levels.