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Latest IATA stats for the month show that it was only 2.4% below pre-pandemic levels.
According to the International Air Transport Association (IATA), released data for June 2023 global air cargo markets is pointing to the smallest year-over-year contraction in demand since February of last year.
Global demand, measured in cargo tonne-kilometers (CTKs), fell 3.4% in June compared to June 2022 (-3.7% for international operations). For the half year, demand slid 8.1% compared to the January-June period of 2022 (-8.7% for international operations). However, demand in June was only 2.4% below June 2019 levels (pre-pandemic).
Capacity, measured by available cargo tonne-kilometers (ACTKs), rose 9.7% compared to June of last year, which was a slower rate compared to the double-digit growth recorded between March and May. This, the IATA notes, is a reflection on strategic capacity adjustments airlines are making in the midst of a weakened demand environment. However, capacity for the first half of 2023 was up 9.9% compared to a year ago. Capacity is now 3.7% above June 2019 (pre-pandemic) levels.
“We remain hopeful that the difficult trading conditions for air cargo will moderate as inflation eases in major economies. This, in turn, could encourage the central banks to loosen the money supply, which could stimulate greater economic activity,” says Willie Walsh, IATA’s director general.