IATA data shows that air cargo traffic increased by a 2023 high of 8
IATA data shows that air cargo traffic increased by a 2023 high of 8.3 per cent year on year in November, although the improvement also reflects a weak compression period in 2022. The association said that the November increase in cargo tonne kms (CTK) was the fourth monthly improvement in a row and was the biggest increase in two years.
However, it pointed out that November 2022 was a weak period for air cargo, which helped inflate the year-on-year percentage improvement, reports London's Air Cargo News.
Capacity, meanwhile, increased by 13.7 per cent against last year and as a result of supply growing faster than demand the cargo load factor fell 2.3 percentage points to 46.7 per cent.
The increase in capacity is attributed to additional belly space as international passenger markets continue their post-Covid recovery.
IATA added that compared with pre-Covid 2019, demand is down 2.5 per cent while capacity is up 4.1 per cent.
IATA director general Willie Walsh said: 'November air cargo demand was up 8.3 per cent on 2022 - the strongest year-on-year growth in almost two years. That is a doubling of October's 3.8 per cent increase and a fourth month of positive market development.
'It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon.'
Air cargo demand indicators again provided a mixed outlook for cargo demand. IATA said that major purchasing managers' indices continued to hover just below the 50 mark - indicating downward expectations - although they had improved on October's levels.
Looking at regional performance, Asia Pacific-based carriers registered a 13.8 per cent increase in demand in November which was 'significantly above' the previous month's growth of 7.6 per cent.
Carriers based in North America had the weakest demand growth in November with a 1.8 per cent increase.
European carriers' volumes increased by 6.7 per cent in November, while Middle Eastern carriers performed best with a 13.5 per cent year-on-year increase.
Latin American carriers reported a 4.2 per cent increase and African airlines registered a 3.9 per cent improvement.
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