The International Air Transport Association (IATA) released data for September 2022 global air cargo markets showing that air cargo demand softened on the back of a continuing global economic turmoil.

Global demand, measured in cargo tonne-kilometres (CTKs), fell 10.6% compared to September 2021 (also down 10.6% also for international operations).

In August, global demand fell 8.3% year-on-year, after a decline of 9.7% seen in July. 

For the period, IATA noted that capacity was 2.4% above the level seen in September last year (+5.0% for international operations) but still 7.4% below September 2019 levels (-8.1% for international operations).

Walsh: Air cargo "bearing up well"

"While air cargo's activity continues to track near to 2019 levels, volumes remain below 2021's exceptional performance as the industry faces some headwinds," said Willie Walsh, IATA's director-general.

Walsh noted that at the consumer level, with travel restrictions lifting post-pandemic, people are likely to spend more on vacation travel and less on e-commerce.

"At the macro-level, increasing recession warnings are likely to have a negative impact on the global flows of goods and services, balanced slightly by stabilization of oil prices," the IATA chief added, noting that despite this, "air cargo is bearing up well."

"A strategic slow-down in capacity growth from 6.3% in August to 2.4% in September demonstrates the flexibility the industry has in adjusting to economic developments," Walsh further said.

 Source: IATA

Middle East carriers had the worst September performance

IATA said Asia-Pacific airlines saw their air cargo volumes decrease by 10.7% in September — which was also a decline in performance compared to August when volumes declined 8.3%.

"Airlines in the region continue to be impacted by the conflict in Ukraine, labour shortages, and lower levels of trade and manufacturing activity due to Omicron-related restrictions in China," IATA said, adding that available capacity in the region increased by 2.8% compared to 2021. 

North American carriers posted a 6.0% decrease in cargo volumes for the month, further dropping from the 3.4% decline seen in August.

European carriers also saw a 15.6% decrease in cargo volumes in September 2022 compared to the same month in 2021. IATA noted that this was on par with August's 15.1% decline.

"This is attributable to the war in Ukraine. Labour shortages and high inflation levels, most notably in Turkey, also affected volumes," IATA said, adding that capacity increased by 0.2% in September.

Meanwhile, Middle Eastern carriers experienced a 15.8% year-on-year decrease in cargo volumes for the month. IATA said This was the worst performance of all regions and a significant decline compared to the previous month's 11.3% decline.

"Stagnant cargo volumes to/from Europe impacted the region's performance," IATA said.

Latin American carriers reported an increase of 10.8% in cargo volumes year-on-year in September, which IATA said was the "strongest performance" of all regions.

IATA said airlines in this region have shown optimism by introducing new services and capacity, and in some cases investing in additional aircraft for air cargo in the coming months. Capacity for the region was also up 18.4% year-on-year.

African airlines saw cargo volumes nudge 0.1% in September. IATA said this was a slight decrease from the 1.0% growth recorded the previous month. Capacity in the region was 4.1% below September 2021 levels.