International Air Transport Association (IATA) data for November 2023 global air cargo markets shows the strongest year-on-year growth in around two years.

This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo, IATA.

Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3% compared to November 2022. For international operations, demand growth was 8.1%.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7% compared to November 2022 (+11.6% for international operations).

Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-Covid recovery.

Compared to November 2019 (pre-COVID-19), demand is down 2.5% while capacity is up 4.1%.

Air cargo yields have continued their significant upward trend, +8.9% since October). Rising yields are in line with improving air cargo load factors over recent months, and this could be tied in part to booming e-commerce deliveries from China to western markets.

“November air cargo demand was up 8.3% on 2022—the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8% increase and a fourth month of positive market development. It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon,” said Willie Walsh, IATA’s director general.
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