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Volatility, due to supply chain constraints, has posed a challenge
The most recent air freight stats point to plenty of progress being made in efforts to reach pre-pandemic numbers, according to the International Air Transport Association (IATA). Global demand, measured in cargo tonne-kilometers (CTKs), fell 9.7% compared to July 2021 (-10.2% for international operations). Compared to July 2019, demand stood at -3.5%.
As for capacity, it was 3.6% above July 2021 (+6.8% for international operations), but still 7.8% below July 2019 levels.
“Air cargo is tracking at near 2019 levels, although it has taken a step back compared to the extra-ordinary performance of 2020-2021. Volatility resulting from supply chain constraints and evolving economic conditions has seen cargo markets essentially move sideways since April,” says Willie Walsh, IATA’s director general. “July data shows us that air cargo continues to hold its own, but as is the case for almost all industries, we’ll need to carefully watch both economic and political developments over the coming months.”