According to data for the month of July released by the International Air Transport Association (IATA) global air cargo markets are showing a continuing trend of recovering growth rates since February.
July air cargo demand was tracking just 0.8% below the previous year’s levels. Although demand is now basically flat compared to 2022, this is an improvement on recent months’ performance that is particularly significant given declines in global trade volumes and rising concerns over China’s economy.
Global demand, measured in cargo tonne-kilometers (CTKs), tracked at 0.8% below July 2022 levels (-0.4% for international operations). This was a significant improvement over the previous month’s performance (-3.4%).
Capacity, measured in available cargo tonne-kilometers (ACTKs), was up 11.2% compared to July 2022 (8% for international operations). The strong uptick in ACTKs reflects the growth in belly capacity (29.3% year-on-year) due to the summer season.
“Compared to July 2022, demand for air cargo was basically flat. Considering we were 3.4% below 2022 levels in June, that’s a significant improvement. And it continues a trend of strengthening demand that began in February. How this trend will evolve in the coming months will be something to watch carefully,” said Willie Walsh, IATA’s Director General.