Air cargo demand showed resilience in August

Date Added: 10 October 2022

Air cargo demand shows resilience in August

With a strong presence in the airfreight arena through our subsidiary Davies Turner Air Cargo, we note IATA released August 2022 data for global air cargo markets which demonstrated the industry’s resilience amid economic uncertainties.

IATA said that global demand, measured in cargo tonne-kilometers (CTKs*), fell 8.3% compared to August 2021 (-9.3% for international operations). This was a slight improvement on the year-on-year decline of 9.7% seen in July.
    
Capacity was 6.3% above August 2021 (+6.1% for international operations). This is a significant expansion over the 3.6% year-on-year increase in July.
    
IATA added that several factors should be noted in the operating environment:

- Global goods trade expanded slightly in August and the additional easing of COVID-19 restrictions in China will positively impact cargo markets. While maritime will be the main beneficiary, air cargo will also receive a boost from these developments.
- Inflation levels in G7 countries slowed for the first time since November 2020.
- Oil prices stabilized in August and the jet fuel crack spread fell from a peak in June.
- New export orders, a leading indicator of cargo demand and world trade, decreased in leading economies in all regions except the USA.

“Air cargo continues to demonstrate resilience. 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 stabilized, inflation slowed and there was a slight expansion in goods traded globally. But the decrease in new export orders in all markets except the A tells us that developments in the months ahead will need to be watched carefully,” said Willie Walsh, IATA’s Director General.

In the IATA/CASS league table for 2020, Davies Turner Air Cargo was the UK’s highest placed independent freight forwarder, measured by CASS airline tonnage.

For more information about its global air freight forwarding and logistics services, please contact aircargo@daviesturner.co.uk or visit https://www.daviesturner.com/air-freight

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