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Capacity is below 2021 levels
The latest numbers show that air cargo demand has declined, according to the International Air Transport Association (IATA). Global demand, measured in cargo tonne-kilometers (CTKs), fell 13.7% compared to November 2021 (-14.2% for international operations).
Capacity was 1.9% below November 2021. This was the second year-on-year contraction following the first last month (in October) since April 2022. International cargo capacity decreased 0.1% compared to November 2021. Compared to pre-COVID-19 levels (November 2019), there was a smaller contraction in overall demand (-10.1%), while capacity was down 8.8%.
“Air cargo performance softened in November, the traditional peak season. Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis,” says Willie Walsh, IATA’s director general. “But market signals are mixed. November presented several indicators with upside potential: oil prices stabilized, inflation slowed and there was a slight expansion in goods traded globally. But shrinking export orders globally and China’s rising COVID cases are cause for careful monitoring,”
Read more about the latest air cargo numbers here.