Latest figures published by the International Air Transport Association (IATA) indicate that global demand for air cargo rose 3.8% in October 2023 compared with the same period last year, marking a third consecutive month of stronger year-on-year demand.
Although international demand lagged slightly at 3.5%, global capacity was up 13.1% compared to October 2022 (11.1% for international operations). This was largely linked to the growth in international belly cargo capacity, which rose 30.5% year-on-year on the strength of the passenger markets.
Middle eastern carriers had the strongest regional performance in October 2023, enjoying a 10.9% year-on-year increase in cargo volumes. Asia-Pacific airlines also saw their volumes increase by 7.6%, also driven by the opening up post-covid of key Asian passenger markets of China and Japan. North American carriers, meanwhile, showed the weakest performance in October with a 1.8% decrease in cargo volumes.
However, IATA warns that with the Purchasing Managers’ Index for manufacturing output and export orders for major economies (excluding the US) remaining below the critical 50 mark, there is a ‘clear marker’ for economic challenges ahead.
“With demand still 2.4% below pre-pandemic levels, and much uncertainty remaining over the trajectory of the global economy, optimism must be balanced with caution,” highlighted Willie Walsh, IATA director general.