IN a glimmer of hope for the beleaguered air cargo industry, global demand for air freight increased 1.5 per cent in august 2023, marking the first positive change in 19 months since February 2022, according to the latest data from the International Air Transport Association (IATA), reports Manila's Port Call.
This growth was paralleled by a 12.2 per cent rise in cargo capacity worldwide, largely driven by airlines adapting to the high summer travel season by utilising passenger planes for cargo transportation.
Despite these positive developments, the industry still faces hurdles such as sluggish manufacturing, declining cross-border trade, and varying inflation rates that continue to challenge a full recovery.
Regional performance varied, with the Asia-Pacific and Latin America regions improving, while Africa encountered difficulties.
IATA director general Willie Walsh emphasised the need for caution despite these positive trends. However, with the upcoming busy year-end season on the horizon, there is reason for cautious optimism.
In August, Asia-Pacific airlines transported 4.9 per cent more air cargo than the previous year, an improvement from the 2.3 per cent growth in July.
Additionally, they benefited from a substantial 28.5 per cent increase in cargo capacity.
In North America, air cargo volumes declined 1.2 per cent in August, an improvement over the 5.4 per cent drop experienced in July.
Available cargo space also increased 2.7 per cent.
European airlines witnessed a slight dip of 0.2 per cent in cargo volumes but saw a 3.6 per cent expansion in cargo capacity.
Airlines in the Middle East experienced a 1.4 per cent growth in air cargo, a departure from the drop of 0.1 per cent recorded in July, with cargo capacity in planes increasing 15.7 per cent.
Latin American carriers achieved a significant 6.2 per cent growth in cargo compared to August 2022, with cargo space expanding 13.7 per cent.
However, African airlines faced a 4.7 per cent reduction in cargo compared to August 2022, despite a 3.8 per cent increase in cargo capacity.
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This growth was paralleled by a 12.2 per cent rise in cargo capacity worldwide, largely driven by airlines adapting to the high summer travel season by utilising passenger planes for cargo transportation.
Despite these positive developments, the industry still faces hurdles such as sluggish manufacturing, declining cross-border trade, and varying inflation rates that continue to challenge a full recovery.
Regional performance varied, with the Asia-Pacific and Latin America regions improving, while Africa encountered difficulties.
IATA director general Willie Walsh emphasised the need for caution despite these positive trends. However, with the upcoming busy year-end season on the horizon, there is reason for cautious optimism.
In August, Asia-Pacific airlines transported 4.9 per cent more air cargo than the previous year, an improvement from the 2.3 per cent growth in July.
Additionally, they benefited from a substantial 28.5 per cent increase in cargo capacity.
In North America, air cargo volumes declined 1.2 per cent in August, an improvement over the 5.4 per cent drop experienced in July.
Available cargo space also increased 2.7 per cent.
European airlines witnessed a slight dip of 0.2 per cent in cargo volumes but saw a 3.6 per cent expansion in cargo capacity.
Airlines in the Middle East experienced a 1.4 per cent growth in air cargo, a departure from the drop of 0.1 per cent recorded in July, with cargo capacity in planes increasing 15.7 per cent.
Latin American carriers achieved a significant 6.2 per cent growth in cargo compared to August 2022, with cargo space expanding 13.7 per cent.
However, African airlines faced a 4.7 per cent reduction in cargo compared to August 2022, despite a 3.8 per cent increase in cargo capacity.
SeaNews Turkey