Air cargo demand is still 2.4pc lower than pre-pandemic levels, the International Air Transport Association (IATA) says.
IATA figures for October 2023 show global air cargo demand is up by 3.8pc in compared to the same month in 2022. International demand grew at a slightly slower rate of 3.5pc.
Available cargo capacity also saw a significant increase, rising by 13.1pc globally (11.1pc for international operations) in October 2023 compared to the previous year. This growth was primarily driven by increased belly capacity due to the recovery of passenger markets.
The operating environment faced some challenges, including slower economic activities in October and concerns over inflation in major advanced economies. However, global trade showed stabilisation after a previous decline, and cargo yields experienced a month-on-month gain in September and October.
IATA’s Director General Willie Walsh said: Demand for air cargo was up 3.8pc in October. That marks three consecutive months of year-on-year growth, placing air cargo on course to end 2023 on a much stronger footing than it began the year. Recovering demand, slightly stronger yields and the uptick in trade are all good news. But with demand still 2.4pc below pre-pandemic levels, and much uncertainty remaining over the trajectory of the global economy, optimism must be balanced with caution. Nonetheless, a continued strong peak year-end season will certainly help the sector to manage through whatever turns the global economy might take in 2024.”
