DEMAND for air cargo fell in March, with China's zero-Covid policy and the Russia-Ukraine war weighing on demand, reports London's FlightGlobal.
The drop in demand comes after air freight performed strongly in 2021, reflecting a significant shift in fortunes between industry sectors.
'Peace in Ukraine and a shift in China's Covid-19 policy would do much to ease the industry's headwinds,' said International Air Transport Association (IATA) director general Willie Walsh.
'As neither appears likely in the short term, we can expect growing challenges for air cargo just as passenger markets are accelerating their recovery.'
Global air cargo demand measured in cargo tonne-kilometres (CTK) fell 5.2 per cent in March compared with the same month in 2021.
Although capacity was up 1.2 per cent on the same basis, the airline body notes that this is a significant decline from the year-on-year increase seen in February.
More broadly, higher oil prices due to the Russia-Ukraine war are making airfreight more expensive.
Meanwhile, the global trade in goods has continued to fall in 2022.
Inflation is also a negative factor, with consumer price inflation in G7 countries at 6.3 per cent year on year in February 2022.
'The combination of war in Ukraine and the spread of the Omicron variant in Asia have led to rising energy costs, exacerbated supply chain disruptions, and fed inflationary pressure,' said Mr Walsh.
'As a result, compared to a year ago, there are fewer goods being shipped - including by air.'
SeaNews Turkey
The drop in demand comes after air freight performed strongly in 2021, reflecting a significant shift in fortunes between industry sectors.
'Peace in Ukraine and a shift in China's Covid-19 policy would do much to ease the industry's headwinds,' said International Air Transport Association (IATA) director general Willie Walsh.
'As neither appears likely in the short term, we can expect growing challenges for air cargo just as passenger markets are accelerating their recovery.'
Global air cargo demand measured in cargo tonne-kilometres (CTK) fell 5.2 per cent in March compared with the same month in 2021.
Although capacity was up 1.2 per cent on the same basis, the airline body notes that this is a significant decline from the year-on-year increase seen in February.
More broadly, higher oil prices due to the Russia-Ukraine war are making airfreight more expensive.
Meanwhile, the global trade in goods has continued to fall in 2022.
Inflation is also a negative factor, with consumer price inflation in G7 countries at 6.3 per cent year on year in February 2022.
'The combination of war in Ukraine and the spread of the Omicron variant in Asia have led to rising energy costs, exacerbated supply chain disruptions, and fed inflationary pressure,' said Mr Walsh.
'As a result, compared to a year ago, there are fewer goods being shipped - including by air.'
SeaNews Turkey
