Global air cargo demand in August this year showed that the sector remained resilient, despite economic uncertainties, the International Air Transport Association (IATA) has reported. (IATA is the representative body of the global airline industry.)

Global air cargo demand in August was down 8.3% in year-on-year (y-on-y) terms, but this was a small improvement on the y-on-y decline of 9.7% recorded in July. Regarding international air cargo demand in August, this was down 9.3%, y-on-y. Total air cargo capacity in August was up by 6.3%, y-on-y, with international air cargo capacity increasing by 6.1%. In July the y-on-y increase in total air cargo capacity had been much less, at 3.6%.

“Air cargo continues to demonstrate resilience,” affirmed IATA director-general Willie Walsh. “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 stabilised, 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.”

The region which reported the best air cargo performance in August was Latin America, which saw a y-on-y increase of 9%. Africa was in second place, recording an increase of 1%, which was, IATA pointed out, also a “significant increase” over the y-on-y contraction of 3.5% in July. In third place was North America, with a y-on-y decline of 3.4% in August; however, this was a better result than the 5.7% y-on-y fall reported in July.

The Asia-Pacific saw a y-on-y decline in August of 8.3%, putting the region in fourth place. This was a slight improvement over the 9% y-on-y fall in July, as a result of increased manufacturing and trade activities resulting from the relaxing of Covid-19 restrictions in China.

The Middle East reported a y-on-y decrease of 11.3%, largely as a result of stagnant volumes for cargoes to and from Europe. And it was Europe that was the worst performing region, with a y-on-y drop in August of 15.1%. This was the fourth month in succession that Europe had been IATA’s worst-performing region; this was the consequence of the war in Ukraine, although shortages of labour and high inflation were also contributing factors.