In August 2023, the demand for air cargo transportation increased year-on-year for the first time in 19 monthssince February 2022 exactly, according to monthly data from theInternational Air Transport Association (IATA).
There global demandmeasured in cargo tonne-kilometers (CTK), increased by 1.5% compared to August 2022 (1.2% for international operations).
There global capacitymeasured in available cargo tonne-kilometers (ACTK), was up by 12.2% compared to August 2022 (11.8% for international operations). This is mainly due to the increase in the hold capacity of airliners, which amounts to 30% year-on-year, because airlines resume passenger routes to meet the peak demand of the travel season. summer in the Northern Hemisphere.
According to IATA, several factors related to the operational environment should be noted:
-In August, the manufacturing production component of the purchasing managers’ index, the PMI, was at 49.4, and the new export orders component was at 47.0, representing a slight improvement from compared to the previous month. Both, however, remain below the critical threshold of 50, indicating a persistent, albeit smaller, annual decline in global manufacturing production and exports.
-Global cross-border trade contracted for a fourth consecutive month in July, falling 3.2% year-on-year. This reflects the cooling of the demand environment and general macroeconomic conditions.
-Inflation presents a mixed picture in August, with an increase in consumer prices in the United States for a second month in a row. Meanwhile, in Europe and Japan, consumer and producer prices have fallen. In China, which is battling deflationary pressures, consumer prices have increased.
“ Demand for air cargo transportation increased by 1.5% compared to the previous August. This is the first annual growth in 19 months, and it’s certainly good news. But we compare it to a weak 2022 and the market signals are mixed. Looking ahead, although several uncertainties remain, we can draw optimism from the PMI data which is progressing towards positive territory. This is particularly significant as we enter the peak end-of-year period in the air cargo sector. “, commented Willie Walsh, Director General of IATA.