Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (March 8): Global air cargo markets showed that air cargo demand declined in January as economic headwinds persisted, according to the International Air Transport Association (IATA).

In a statement on Tuesday (March 7), IATA said global demand, measured in cargo tonne-kilometres (CTK), fell 14.9% compared to January 2022 (-16.2% for international operations).

It said capacity (measured in available cargo tonne-kilometres or ACTK) was up 3.9% compared to January 2022.

IATA said this was the first year-on-year growth in capacity since October 2022.

It said international cargo capacity increased 1.4% compared to January 2022.

The association said the uptick in ACTK reflected the strong recovery of belly capacity in passenger airline markets offsetting a decline in international capacity offered by dedicated freighters.

IATA director general Willie Walsh said with January cargo demand down 14.9% and capacity up 3.9%, 2023 began under some challenging business conditions.

He said that was accompanied by persistent uncertainties, including the war in Ukraine, inflation, and labour shortages.

“But there is solid ground for some cautious optimism about air cargo. Yields remain higher than pre-pandemic.

“And China’s much faster-than-expected shift from its Covid Zero policy is stabilising production conditions in air cargo’s largest source market.

“That will give a much-needed demand boost as companies increase their engagement with China,” he said.

      Print
      Text Size
      Share