Global demand for air cargo increased by 8.3 per cent in November compared to November 2022, indicating the strongest year-on-year growth in almost two years.
According to the International Air Transport Association’s November update, the increase in air cargo demand was due to four consecutive months of growth, which marked a rebound from the weakness observed in November 2022.
The IATA report further highlighted that the capacity, measured in available cargo tonne-kilometres, also experienced a substantial uptick, rising by 13.7 per cent compared to November 2022.
It added that international operations, in particular, saw a commendable growth rate of 11.6 per cent.
It noted, “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, demand was down 2.5 per cent while capacity was up 4.1 per cent, the report added.
Commenting on the report, the Director General, IATA, Willie Walsh, “November air cargo demand was up 8.3 per cent in 2022 — the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8 per cent 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.”
In the air cargo sector, yields, including surcharges, have sustained their remarkable upward trajectory, experiencing an impressive 8.9 per cent increase since October.
This could be tied in part to booming e-commerce deliveries from China to western markets, the update added.