The International Air Transport Association (IATA) released data for October 2022 global air cargo markets showing that headwinds continue to affect air cargo demand. Global demand, measured in cargo tonne-kilometers (CTKs*), fell 13.6% compared to October 2021 (-13.5% for international operations).
Capacity was 0.6% below October 2021. This was the first year-on-year contraction since April 2022, however, month-on-month capacity increased by 2.4% in preparation for the year-end peak season. International cargo capacity grew 2.4% compared to October 2021.
“Air cargo continues to demonstrate resilience as headwinds persist. Cargo demand in October -- while tracking below the exceptional performance of October 2021-- saw a 3.5% increase in demand compared to September. This indicates that the year-end will still bring a traditional peak-season boost despite economic uncertainties. But as 2022 closes out it appears that the current economic uncertainties will follow into the New Year and need continued close monitoring,” said Willie Walsh, IATA’s Director General.
Asia-Pacific airlines saw their air cargo volumes decrease by 14.7% in October 2022 compared to the same month in 2021.
North American carriers posted an 8.6% decrease in cargo volumes in October 2022 compared to the same month in 2021.
European carriers saw an 18.8% decrease in cargo volumes in October 2022 compared to the same month in 2021.
Middle Eastern carriers experienced a 15.0% year-on-year decrease in cargo volumes in October 2022.
Latin American carriers reported a decrease in demand of 1.4% in cargo volumes in October 2022 compared to October 2021.
African airlines saw cargo volumes decrease by 8.3% in October 2022 compared to October 2021.