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However, April numbers show that capacity is up 13.4% compared to April of last year.
April 2023 data for global air cargo markets, show a continued, but slower, decline against the previous year’s demand performance, according to the International Air Transport Association (IATA).
Global demand, which measured in cargo tonne-kilometers (CTKs), fell 6.6% compared to April 2022 (-7.0% for international operations). However, this decline was an improvement over the previous month's performance (-7.6%).
Capacity, measured in available cargo tonne-kilometers, ACTKs, was up 13.4% compared to April of last year. It was also up 3.2% compared to April 2019, marking the first time in three years that the capacity has surpassed pre-COVID levels. The strong uptick is primarily driven by belly capacity as demand in the passenger business recovers.
" … The demand environment is challenging to read. Tapering inflation is definitely a positive, but the degree and speed at which that could lead to looser monetary policies that might stimulate demand is unclear,” says Willie Walsh, IATA’s director general. “The resilience that got the air cargo industry through the COVID-19 crisis is also critical in the aftermath."