Data released by the International Air Transport Association (IATA) indicates demand for global air cargo to be up 8.3% in November 2023 compared to the same month last year, representing the strongest year-on-year growth in approximately two years and marking a fourth consecutive month of strengthened demand.
Capacity in November 2023 was up 13.7% year-on-year, with most of capacity growth attributed to additional belly freight capacity as international passenger markets continue their post-pandemic recovery. Asia-Pacific airlines benefited the most from this, with their available capacity increasing by 29.6% compared to November 2022. The region’s volumes also increased by 13.8% compared to the year before, a performance significantly above October 2023’s growth of 7.6%.
Although North American carriers took second place in terms of world share (28.1%, behind Asia Pacific’s 32.4%), they experienced the weakest demand growth in November with a 1.8% year-on-year increase in cargo volumes. Middle Eastern carriers showed the strongest performance in November 2023, with a 13.5% year-on-year increase in volumes, and a rise in capacity of 15.4%.
Rising air cargo yields continued their ‘significant’ upward trend (up 8.9% since last October) and could be tied to ‘booming e-commerce deliveries from China from western markets,’ explains IATA. “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,” concluded Willie Walsh, IATA’s director general.