GLOBAL air cargo demand in October, measured in cargo tonne-kilometres (CTK), fell 13.6 per cent year on year, according to the International Air Transport Association (IATA).
Capacity was 0.6 per cent below October 2021. This was the first year-on-year contraction since April 2022, however, month-to-month capacity increased by 2.4 per cent in preparation for the year-end peak season. International cargo capacity grew 2.4 per cent compared to October 2021.
New export orders, a leading indicator of cargo demand, are shrinking in all markets except China and South Korea, which registered slightly higher new export orders in October, IATA said.
'Latest global goods trade figures showed a 5.6 per cent expansion in September, a positive sign for the global economy. This is expected to primarily benefit maritime cargo, with a slight boost to air cargo as well,' IATA said.
The US dollar has seen a sharp appreciation, with the broad real effective exchange rate in September 2022 reaching the highest level since 1986. A strong dollar affects air cargo because many costs are denominated in dollars.
'Air cargo continues to demonstrate resilience as headwinds persist. But as 2022 closes it appears that the current economic uncertainties will follow into the New Year and need continued close monitoring,' said IATA director general Willie Walsh.
Asia-Pacific airlines saw their air cargo volumes decrease by 14.7 per cent in October year on year. This was a decline in performance compared to September (-10.7 per cent).
Airlines in the region continue to be impacted by the war in Ukraine, and lower levels of trade and manufacturing activity due to Covid restrictions in China.
North American carriers posted an 8.6 per cent decrease in cargo volumes in October year on year. This was a decline in performance compared to September (-6 per cent).
Mideast arriers experienced a 15 per cent year-on-year decrease in cargo volumes in October. This was a marginal improvement to the previous month (-15.8 per cent).
Latin American carriers reported a decrease in demand of 1.4 per cent in cargo volumes in October 2022 compared to October 2021. This was the strongest performance of all regions, however it still was a significant decline in performance compared to September (10.8 per cent).
African airlines saw cargo volumes decrease by 8.3 per cent in October 2022 compared to October 2021.
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Capacity was 0.6 per cent below October 2021. This was the first year-on-year contraction since April 2022, however, month-to-month capacity increased by 2.4 per cent in preparation for the year-end peak season. International cargo capacity grew 2.4 per cent compared to October 2021.
New export orders, a leading indicator of cargo demand, are shrinking in all markets except China and South Korea, which registered slightly higher new export orders in October, IATA said.
'Latest global goods trade figures showed a 5.6 per cent expansion in September, a positive sign for the global economy. This is expected to primarily benefit maritime cargo, with a slight boost to air cargo as well,' IATA said.
The US dollar has seen a sharp appreciation, with the broad real effective exchange rate in September 2022 reaching the highest level since 1986. A strong dollar affects air cargo because many costs are denominated in dollars.
'Air cargo continues to demonstrate resilience as headwinds persist. But as 2022 closes it appears that the current economic uncertainties will follow into the New Year and need continued close monitoring,' said IATA director general Willie Walsh.
Asia-Pacific airlines saw their air cargo volumes decrease by 14.7 per cent in October year on year. This was a decline in performance compared to September (-10.7 per cent).
Airlines in the region continue to be impacted by the war in Ukraine, and lower levels of trade and manufacturing activity due to Covid restrictions in China.
North American carriers posted an 8.6 per cent decrease in cargo volumes in October year on year. This was a decline in performance compared to September (-6 per cent).
Mideast arriers experienced a 15 per cent year-on-year decrease in cargo volumes in October. This was a marginal improvement to the previous month (-15.8 per cent).
Latin American carriers reported a decrease in demand of 1.4 per cent in cargo volumes in October 2022 compared to October 2021. This was the strongest performance of all regions, however it still was a significant decline in performance compared to September (10.8 per cent).
African airlines saw cargo volumes decrease by 8.3 per cent in October 2022 compared to October 2021.
SeaNews Turkey