Global air cargo demand up 8.3% in November 2023
Middle Eastern carriers post 13.5% YoY rise in cargo volumes
Global air cargo demand, measured in cargo tonne-kilometres (CTKs), increased by 8.3% in November 2023 compared to November 2022, according to newly released data issued by the International Air Transport Association (IATA). For international operations, demand growth was 8.1%.
Middle Eastern carriers registered the most robust performance in November 2023, with a 13.5% year-on-year (YoY) increase in cargo volumes. This was similar to the significant improvement noted in the previous month’s performance (+13.0%).
The new IATA statistics indicate the most robust YoY growth in the last two years – partly attributed to weakness in November 2022 – while also reflecting a fourth consecutive month of strengthening demand for air cargo.
Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7% compared to November 2022 (+11.6% 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-pandemic recovery.
Demand scenario
Compared to November 2019 (pre-pandemic), demand was down 2.5% while capacity was up 4.1%, according to IATA.
IATA’s Director General Willie Walsh stated: “November 2023 air cargo demand was up 8.3% on 2022 – the most substantial year-on-year growth in almost two years. That doubles October 2023’s 3.8% 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.”
Regarding regional performance, apart from the Middle East, Asia-Pacific carriers recorded their air cargo volumes increasing by 13.8% in November 2023 compared to November 2022.
On the other hand, North American airlines registered the weakest demand growth in November 2023, with a 1.8% increase (YoY) in cargo volumes. Nonetheless, this was a significant performance improvement compared to October 2023’s 1.8% contraction.
Latin American carriers recorded a 4.2% increase in cargo volumes in November 2023, compared to November 2022, like the 4.0% YoY increase recorded in October 2023.
Europe’s carriers saw their air cargo volumes increase by 6.7% in November 2023 compared to the same month in 2022. This performance was more robust than in October 2023 (1.0%).
African airlines witnessed their air cargo volumes rise by 3.9% in November 2023, compared to October 2023’s +2.9% growth performance.
Featured image: Middle Eastern cargo carriers excelled in November 2023. Image: Oman Air
