Air cargo demand weakened in May

While global demand for air cargo continued to fall amid weakening market conditions, the second half of the year could see improvement. Global demand fell 5.2% in May compared to May 2022, according to IATA ’s monthly figures, but improved from the year-over-year declines of March and April , which were 7.6% and 6.6%, respectively. Capacity rose in May 14.5% YoY and 5.9% compared to May 2019. This is primarily driven by the recent increase in belly capacity, spurred by rising passenger demand, according to IATA. Global goods trade decreased in April by 0.8% YoY due to macroeconomic challenges and supply chain constraints. Demand for maritime container shipping decreased by 0.2% YoY while air cargo demand weakened by 6.3% YoY. “Trading conditions for air cargo continue to be challenging with a 5.2% fall in demand and several economic indicators pointing towards weakness,” IATA Director General Willie Walsh said in a release Wednesday. “The second half of the year, however, should bring some improvements. As inflation moderates in many markets, it is widely expected that central bank rate hikes will taper. This should help stimulate economic activity with a positive impact on demand for air cargo.” The global manufacturing Purchasing Managers Index (PMI) indicates an annual decrease of 1.4% in new export orders, suggesting a cooling in global manufacturing demand, according to IATA analysts. [caption id="attachment_57137035" align="alignnone" width="1120"] (Graphic/IATA)[/caption] Asia-Pacific Air cargo volumes decreased by 3.3% YoY and available capacity in the region increased by 38.3% YoY as more belly capacity continued to come online from passenger travel, which is recovering rapidly. North America Carriers continued to have the weakest numbers of all the regions for the third month in a row, with an 8.1% YoY decrease in cargo volumes compared to May 2022, although it was an improvement from April, when cargo volumes decreased 13.1% YoY. Capacity in May increased 1.2% YoY. Airlines also saw a continued decrease in volumes on the North America-Europe trade lane at 10.3% YoY. Europe There was a 6.7% YoY decrease in cargo volumes — an improvement from April’s decline of 7.7% YoY. This is due to the smaller decreases in international cargo tonne kilometers (CTKs) on the Europe-Middle East trade lane, to 2.9% YoY in May from 4.7% YoY in April, and within Europe to 7.8% YoY in May from 16.2% YoY in April. Capacity increased by 5.6% YoY. Middle East Carriers saw a decrease in cargo volume of 3.1% YoY, an improvement from April’s decline of 6.7% YoY. Capacity increased 14.7% YoY. Latin America Latin American carriers had the only positive performance in May, showing a 3.6% YoY increase in cargo volume. Capacity also increased by 14.7% YoY. Africa May saw a 2.4% YoY decrease in demand, while April saw a 0.9% YoY increase. Growth on the Africa-to-Asia trade route slowed significantly — to 11% YoY in May from 18.5% YoY in April — possibly due to the impact of the conflict in Sudan since mid-April, according to IATA analysts. Capacity in May was up 9.2% YoY. Join Air Cargo Next for the second Air Cargo Tech Summit on Monday, Sept. 18, and Tuesday, Sept. 19, at the Brussels Marriott Hotel Grand Place in Belgium. For more information on the summit and to register, click here .

Air cargo demand weakened in May

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