The International Air Transport Association’s (IATA) latest report on global air cargo markets showed slight growth in August 2022 due to the additional easing of pandemic restrictions in China, anticipating further growth in the coming months. However, the global demand measured in cargo tonne-kilometers fell by 8.3% when compared to August 2021. This was a slight improvement on the year-on-year decline of 9.7% seen in July.
Capacity was 6.3% above August 2021 (+6.1% for international operations). This is a significant expansion over the 3.6% year-on-year increase in July 2021.
Willie Walsh, IATA’s Director General, said: “Air cargo continues to demonstrate resilience. Cargo volumes, while tracking below the exceptional performance of 2021, have been relatively stable in the face of economic uncertainties and geopolitical conflicts. Market signals remain mixed. August presented several indicators with upside potential: oil prices stabilized, inflation slowed and there was a slight expansion in goods traded globally. But the decrease in new export orders in all markets except the US tells us that developments in the months ahead will need to be watched carefully.”
Going ahead, the US air cargo market has signed up for the CASSLink, an invoicing system for billings and payments between airlines and freight forwarders. IATA collaborated with IBS Software to develop the new CASSLink. It will be rolled out to all other CASS markets beginning this quarter and continuing through 2023.
Muhammad Albakri, IATA’s Senior VP, Financial Settlement and Distribution Services, said: “New CASSLink is designed to meet the billing and payment requirements of the air cargo value chain, today and in the future. It is the most price-competitive solution in the market, with no charge to agents and forwarders.”
Over 15,000 freight forwarders use CASSLink, according to IATA.