Global air cargo demand decreased, year-on-year, in November
Total global air cargo demand during November 2022 declined by 13.7% in year-on-year (y-o-y) terms, the International Air Transport Association (IATA) reported on Monday. (IATA is the representative body of the international airline industry.) International air cargo demand fell 14.2%, y-o-y. However, in comparison to November 2019 (before the Covid-19 pandemic hit), the decrease in total demand was 10.1%.
Total global air cargo capacity in November last year was 1.9% down, y-o-y, although international air cargo capacity decreased by only 0.1% over the same period. November was the second month in 2022 to see a y-o-y capacity decrease, the first being October. In comparison with November 2019, capacity in November 2022 fell by 8.8%.
“Air cargo performance softened in November, the traditional peak season,” highlighted IATA director-general Willie Walsh. “Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis. But market signals are mixed. November presented several indicators with upside potential: oil prices stabilised, inflation slowed and there was a slight expansion in goods traded globally. But shrinking export orders globally and China’s rising Covid cases are cause for careful monitoring.”
Of all IATA’s regions, only Latin America saw a y-o-y increase in demand in November, of 2.8%. This represented a significant turnaround on October 2022, which recorded a y-o-y decline of 1.4%.
Of the remaining regions, Africa was the least worst performer, with a y-o-y decrease of 6.3% in November. Moreover, this was an improvement on October, which had seen a y-o-y reduction of 8.3%. Just behind Africa came North America, which reported a y-o-y decline in November of 6.6%, and again this was better than its October y-o-y performance, which saw a fall of 8.6%.
The remaining three IATA regions reported significantly worse y-o-y performances last November. The Middle East was down 14.7%; moreover, this was only a tiny improvement on its y-o-y performance last October, when it saw a decrease of 15%. Europe saw a y-o-y fall in demand in November of 16.5%, although this was better than the 18.8% y-o-y drop in October. The war in Ukraine continued to directly and indirectly affect both regions, but particularly Europe.
The worst performing region was the Asia-Pacific. Not only did it record a November y-o-y decline of 18.6% in demand, but this was worse that the equivalent decrease in October, which had been 14.7%. “Airlines in the region continue to be impacted by lower levels of trade and manufacturing activity and disruptions in supply chains due to China’s rising Covid cases,” explained IATA.
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