IN February 2023, global air cargo demand decreased 7.5 per cent compared to the same month in 2022, which is less than the decline seen in the previous two months, according to the International Air Transport Association (IATA).
However, February 2023 demand was 2.9 per cent higher than pre-Covid crisis levels in February 2019, marking the first time it has surpassed pre-Covid crisis levels in eight months.
Meanwhile, available cargo tonne-kilometers (ACTKs) were up 8.6 per cent compared to February 2022, reflecting the addition of belly capacity as the passenger side of the business continues to recover.
International belly capacity increased 57 per cent in February YoY, reaching 75.1 per cent of pre-Covid crisis capacity.
Several factors in the operating environment are worth noting, including an increase in the global new export orders component of the manufacturing PMI, which is a leading indicator of cargo demand.
China's PMI level surpassed the critical 50-mark, indicating growing demand for manufactured goods from the world's largest export economy.
Global goods trade decreased 1.5 per cent in January, which was a slower rate of decline than the previous month.
Additionally, the Consumer Price Index for G7 countries decreased from 6.7 per cent in January to 6.4 per cent in February, and inflation in producer (input) prices reduced by 2.2 percentage points to 9.6 per cent in December.
SeaNews Turkey
However, February 2023 demand was 2.9 per cent higher than pre-Covid crisis levels in February 2019, marking the first time it has surpassed pre-Covid crisis levels in eight months.
Meanwhile, available cargo tonne-kilometers (ACTKs) were up 8.6 per cent compared to February 2022, reflecting the addition of belly capacity as the passenger side of the business continues to recover.
International belly capacity increased 57 per cent in February YoY, reaching 75.1 per cent of pre-Covid crisis capacity.
Several factors in the operating environment are worth noting, including an increase in the global new export orders component of the manufacturing PMI, which is a leading indicator of cargo demand.
China's PMI level surpassed the critical 50-mark, indicating growing demand for manufactured goods from the world's largest export economy.
Global goods trade decreased 1.5 per cent in January, which was a slower rate of decline than the previous month.
Additionally, the Consumer Price Index for G7 countries decreased from 6.7 per cent in January to 6.4 per cent in February, and inflation in producer (input) prices reduced by 2.2 percentage points to 9.6 per cent in December.
SeaNews Turkey