The International Air Transport Association (IATA) released data for July 2022 global air cargo markets showing that demand continued to track at near pre-pandemic levels in July (-3.5%), but below July 2021 performance (-9.7%).
IATA notes capacity was 3.6% above July 2021 (+6.8% for international operations) but still 7.8% below July 2019 levels.
Asia-Pacific airlines saw their air cargo volumes decrease by 9.0% in July 2022 compared to the same month in 2021. Airlines in the region continue to be impacted by the conflict in Ukraine, labor shortages, and lower levels of trade and manufacturing activity due to Omicron-related restrictions.
North American carriers posted a 5.7% decrease in cargo volumes compared to the same month in 2021. This was an improvement over the 13.5% decline in June. The lifting of restrictions in China is expected to boost demand in the coming months.
European carriers saw a 17% decrease in cargo volumes in July 2022 compared to the same month in 2021. This was the worst performance of all regions for the third month in a row. This is attributable to the war in Ukraine.
Middle Eastern carriers experienced a 10.9% year-on-year decrease, while Latin American carriers reported an increase of 9.2%. African airlines saw cargo volumes decrease by 3.5%.