Data published by the International Air Transport Association (IATA) on January 9 show air cargo volumes falling year-on-year in Europe and North America in November.
According to the IATA, which represents 300 airlines, North American carriers posted a 6.6% decrease in cargo volumes in November 2022 compared to the same month in 2021, while across the Atlantic Ocean European counterparts had a 16.5% decrease in cargo volumes over the period. Latin America, by contrast, recorded a 2.8% increase, which the IATA said was the "strongest performance" of any region.
The IATA said the war in Ukraine had likely reduced volumes in Europe, but that an array of factors, such as high inflation, the strong US dollar and slowing demand in China due to coronavirus restrictions had contributed to reduced demand for air cargo.
Month-on-month, overall demand showed a slight decline, down from 21.0 billion cargo tonne kilometers in October to 20.6 billion in November.
"Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis", said IATA director general Willie Walsh.