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Recession warnings impacting the flow of goods and services
The latest statistics show that air cargo demand has softened, according to the International Air Transport Association (IATA). Global demand, measured in cargo tonne-kilometers (CTKs), fell 10.6% compared to September 2021 (the same for international operations), but continued to track at near pre-pandemic levels (-3.6%).
As for capacity, it was 2.4% above September 2021 (+5.0% for international operations), but still 7.4% below September 2019 levels (-8.1% for international operations).
“While air cargo’s activity continues to track near to 2019 levels, volumes remain below 2021’s exceptional performance as the industry faces some headwinds. … And at the macro-level, increasing recession warnings are likely to have a negative impact on the global flows of goods and services, balanced slightly by a stabilization of oil prices,” notes Willie Walsh, IATA’s director general. “Against this backdrop, air cargo is bearing up well. And a strategic slow-down in capacity growth from 6.3% in August to 2.4% in September demonstrates the flexibility the industry has in adjusting to economic developments.”
Read more about the latest air cargo numbers here.