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In brief

  L      2022


July 2022 IATA Air Freight Market Analysis

Published September 7. IATA Economic Reports.

Cargo volumes falter


Highlights

  • Seasonally adjusted cargo tonne-kilometers (CTKs) faltered in July with a 2.3% contraction compared with June, which was flat from May. Compared with a year ago, July CTKs were 9.7% lower, a weakening from the 6.7% decline in June. Available cargo tonne-kilometers (ACTKs) increased by 3.6% year-on-year (YoY), putting downward pressure on load factors in July.
  • Latin America was the only region showing a YoY increase in air cargo traffic in July, of 9.2% YoY. After two consecutive solid monthly increases for Asia Pacific CTKs, they fell by 9.0% YoY in July. However, pent-up demand generated during latest Omicron-related lockdowns should prevent notable declines in volumes at least in the near term.
  • Globally, the easing of restrictions in China and reduced disruption in global supply chains are likely to be supportive of world trade and air cargo volumes in coming months, while high inflation and rising interest rates are expected to have a dampening effect on demand.

Important Note: IATA has returned to to year-on-year traffic comparisons, instead of comparisons with the 2019 period, unless otherwise noted.


Africa's air cargo volumes decrease by 3.5%
African airlines saw cargo volumes decrease by 3.5% in July 2022 compared to July 2021. This was significantly slower than the growth recorded the previous month (5.7%). Capacity was 2.2% below July 2021 levels.


CTK volumes falter slightly in July


“Air cargo is tracking at near 2019 levels although it has taken a step back compared to the extra-ordinary performance of 2020-2021. Volatility resulting from supply chain constraints and evolving economic conditions has seen cargo markets essentially move sideways since April. July data shows us that air cargo continues to hold its own, but as is the case for almost all industries, we’ll need to carefully watch both economic and political developments over the coming months,” Willie Walsh, IATA's DG.

    Global cargo tonne-kilometers (CTKs) fell by 9.7% YoY in July, which decline follows on the 6.7% drop seen in June. Seasonally adjusted (SA) too, air cargo volumes contracted by 2.3% month-on-month (MoM) in July, failing to extend the gains seen in June.
    Air cargo’s mixed results MoM since April indicate a sideways trend, and the July observation should not be taken as the starting point of a new downward trend at the current junction. Download the full report.