Air cargo activity declined during March compared to the same month in 2022, according to data released by the International Air Transport Association (IATA). However, the fall moderated in all regions compared to February.
See also: IATA: Air cargo demand returns to growth after eight months of decline
Air cargo demand declines again
Global demand, measured in cargo tonne-kilometers (CTK), fell by 7.7% compared to March 2022. The figure represents an improvement on last February’s result, when IATA reported a fall of 9.4%.
It also marks a considerable reduction in the year-on-year rate of decline recorded in January this year (down 16.8%) and December last year (down 15.6%).
Driven by growth in scheduled operations and belly capacity on passenger aircraft, capacity, measured in available cargo tonne-kilometers (ACTK), increased by 9.9% compared to March 2022.
According to IATA, it is not yet clear whether this is the start of an improving trend or the upside of market volatility. Regardless, the March results were again negative compared to pre-pandemic levels.
«In March, overall demand slipped back below pre-COVID-19 levels and most of the indicators for the fundamental drivers of air cargo demand are weak or weakening», commented Willie Walsh, IATA’s Director General.
«While the trading environment is tough, there is some good news», Walsh explained. «Airlines are getting help in managing through the volatility with yields that have remained high and fuel prices that have moderated from exceptionally high levels», he noted.
Air cargo in each region during March 2023
- Airlines from Asia-Pacific: decrease in cargo volumes of 7.3% compared to March 2022. This result suggests that air cargo traffic in the region has not yet stabilised following the opening of China. Available capacity in the region grew by 23.6% compared to March 2022.
- Airlines from North America: recorded the worst performance globally, down 9.4% compared to March 2022. Capacity increased by 0.4% year-on-year.
- Airlines from Europe: down 7.8% compared to March 2022. However, the region performed the best compared to February 2023, when a 15.9% drop was recorded. Capacity increased by 8.8% year-on-year, although European carriers continued to be the most affected by the war in Ukraine.
- Airlines from the Middle East: down 5.5% compared to March 2022. Capacity was up 9.7% year-on-year.
- Airlines from the Middle East: recorded a 5.3% decrease in cargo volumes compared to March 2022. Operators in the region had the best monthly performance globally. Capacity increased by 12.9% year-on-year.
- Airlines from Africa: 6.2% decrease compared to March 2022. In particular, routes between Africa and Asia experienced significant growth in cargo demand in March. Capacity was 4.1% below the level of the same month in 2022.
