The International Air Transport Association (IATA) has released data for September 2022 global air cargo markets showing that air cargo demand softened.
Global demand, measured in cargo tonne-kilometers (CTKs), fell 10.6% compared to September 2021, but continued to track at near pre-pandemic levels (-3.6%).
According to IATA, capacity was 2.4% above September 2021 but still 7.4% below September 2019 levels.
It noted that, following contractions across major economies, the global Purchasing Managers Index (PMI) for new export orders also contracted to its lowest level in two years.
Stating that latest global goods trade figures showed a 5.2% expansion in August, it further hinted that such growth is a positive sign for the global economy.
“This is expected to primarily benefit maritime cargo, with a slight boost to air cargo as well”, IATA added.
Commenting, Willie Walsh, IATA’s Director General said “While air cargo’s activity continues to track near to 2019 levels, volumes remain below 2021’s exceptional performance as the industry faces some headwinds. At the consumer level, with travel restrictions lifting post-pandemic, people are likely to spend more on vacation travel and less on e-commerce. And at the macro-level, increasing recession warnings are likely to have a negative impact on the global flows of goods and services, balanced slightly by a stabilisation of oil prices.
“Against this backdrop, air cargo is bearing up well. And a strategic slow-down in capacity growth from 6.3% in August to 2.4% in September demonstrates the flexibility the industry has in adjusting to economic developments”.
In September Regional Performance, African airlines saw cargo volumes increase by 0.1% in September 2022 compared to September 2021. This was a slight decrease in the growth recorded the previous month (1.0%). Capacity was 4.1% below September 2021 levels.
About the Author
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
