Data from the International Air Transport Association shows that air cargo volumes in Africa, the Middle East, and Asia saw a notable uptick in October, continuing a positive trend that began 17 months earlier.
The Times indicated that in October, demand for air cargo worldwide increased by 3.8%, indicating a strong year-over-year growth trajectory. Compared to the start of the year, this upward trend puts the air cargo industry in a much stronger position by the end of 2023. Although there is signs of improving demand, slightly higher yields, and an increase in trade, caution is still necessary because demand is still 2.4% below pre-pandemic levels.
The course of the global economy also adds an element of uncertainty, emphasizing the need for a balanced outlook.
IATA Director General, Willie Walsh, noted the encouraging move and said,
“The improvement in trade, slightly higher yields, and recovering demand are all positive developments. However, optimism must be tempered with caution because demand is still 2.4% below pre-pandemic levels and there is still a great deal of uncertainty regarding the direction of the global economy.”
When examining the performance of the region as a whole, African airlines reported a noteworthy 2.9% increase in air cargo volumes in October 2023—a notable improvement over the previous month.
Middle Eastern carriers performed the best, with a noteworthy 10.9% year-over-year increase in cargo volumes, while Latin American carriers saw a 4.0% increase.
October 2023 saw a significant 7.6% increase in air cargo volumes for Asia-Pacific airlines, which benefited from the continuous rise in international cargo tonne-kilometers on key trade lanes. On the other hand, North American carriers had the weakest performance in October, with a 1.8% decrease year-on-year in cargo volumes.
Notwithstanding these fluctuations, the air cargo industry is generally trending in a positive direction, which bodes well for a possible successful year-end market.
Notwithstanding the uncertainties in the global economic landscape, the industry maintains its vigilance.