Economic headwinds put pressure on air freight
IATA has reported that global air cargo demand fell by 13.6 per cent. In October 2021, the air cargo sector delivered in a good presentation compared to 2022. Compared to September, October did show a 3.5 per cent increase. Despite the economic headwinds, air cargo remains resilient. Willie Walsh, director general of IATA said “This indicates that the end of the year still provides a traditional rebound, despite the economic uncertainties.” Walsh expects the economic uncertainties to continue into 2023 and says we need to watch this closely. Last October saw the first contraction on an annual basis, when capacity was 0.6 per cent below the 2021 level. Capacity on a monthly basis increased by 2.4 percent, this in preparation for the peak season and because of the upcoming holidays. Air cargo volumes at European airlines decreased by 18.8 per cent in October compared to the same month in 2021. This was the largest decline for Europe across all regions. In September, European cargo volumes were already down 15.6 per cent. Capacity in Europe fell 5.2 per cent year-on-year in October.