The air cargo sector is continuing to demonstrate its resilience.
After an outstanding performance in 2021, air cargo demand faced consecutive year-on-year (YoY) declines in 2022, a trend that persisted until July 2023.
August marked a turning point with the first annual growth since February 2022.
Global air cargo demand (measured in CTKs) reached 20.7 billion in August, indicating a 1.5% YoY growth compared to the previous year.
Year-to-date (YTD) industry cargo tonne-kilometers (CTKs) were propelled to 157.3 billion in August, a 6.0% decrease compared to 2022 levels for the same period.
YTD CTK contractions have been gradually diminishing, shrinking by around 1.0% each month since March 2022.
Despite headwinds from inflation and slowing macroeconomic and trade conditions, the air cargo industry is also seeing the resurgence of belly-hold capacity from passenger carriers, returning to pre-pandemic levels.
Source: International Air Transport Association (IATA)