Air Cargo demand up 8.3 per cent in November

The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years. This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo.

Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3 per cent compared to November 2022. For international operations, demand growth was 8.1 per cent.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7 per cent compared to November 2022 (+11.6 per cent for international operations). Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-Covid recovery.

Compared to November 2019 (pre-Covid-19), demand is down 2.5 per cent while capacity is up 4.1 per cent.

Commenting on the latest figures, IATA director general Willie Walsh said: “November air cargo demand was up 8.3 per cent on 2022 – the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8 per cent increase and a fourth month of positive market development. It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon.”