Global demand for air cargo increased 1.5% in August 2023 compared to the same month a year earlier, according to the International Air Transport Association’s (IATA) newly released data.
Statistics for global air cargo markets in August 2023 show year-on-year air cargo demand grew for the first time in 19 months.
Global demand, measured in cargo tonne-kilometers (CTKs), increased by 1.5% compared to August 2022 levels (1.2% for international operations).
Capacity, measured in available cargo tonne-kilometers (ACTKs), was up 12.2% compared to August 2022 (11.8% for international operations). This was largely related to belly capacity which rose 30% year-on-year as airlines ramped-up operations to meet peak-northern summer travel season demand.
Factors affecting air cargo levels
IATA said several factors in the operating environment should be noted, including that in August, both the manufacturing output Purchasing Managers Index or PMI (49.4) and new export orders PMI (47.0) saw a slight improvement to the previous month.
They remained, however, below the critical threshold represented by the 50 mark, indicating a continuing, if slower, annual decline in global manufacturing production and exports.
Global cross-border trade contracted for the fourth month in a row in July, decreasing 3.2% year-over-year. This reflects the cooling demand environment and general macroeconomic conditions.
Inflation saw a mixed picture in August, with an increase in US consumer prices for the second month in a row. Meanwhile in Europe and Japan, consumer and producer prices fell. In China, which is fighting deflationary pressures, consumer prices rose.
“Air cargo demand grew by 1.5% over the previous August. This is the first year-on-year growth in 19 months, so it is certainly welcome news. But it is off a low 2022 base and market signals are mixed. Looking ahead, while many uncertainties remain, we can take some optimism from PMI data moving towards positive territory. This is particularly significant as we head into air cargo’s traditional peak year-end season,” said Willie Walsh, IATA’s director general.
Subscribe to the FINN weekly newsletter
