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