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In brief

  L      2022


June 2022 IATA Air Freight Market Analysis

Published August 3, 2022. IATA Economic Reports.

Cargo volumes stabilize


Highlights

  • Seasonally adjusted cargo tonne-kilometers (CTKs) increased by 0.7% in the month of June, following a flat outturn last month. Compared with a year ago, June CTKs were 6.4% lower, a modest improvement from the 8.7% decline in May. Available cargo tonne-kilometers (ACTKs) increased by 6.7% year-on-year (YoY).
  • Latin America and Africa are the only two regions currently showing a YoY increase in air cargo traffic, of 19.6% and 5.7% YoY, respectively. Two consecutive solid monthly increases for Asia Pacific CTKs are positive developments, coinciding with the easing of lockdown restrictions in China.
  • The easing of restrictions in China and reduced disruption in global supply chains is likely to be good news for world trade and air cargo volumes in coming months. However, the impact of high inflation and rising interest rates will work against this expected recovery.   

Africa's air cargo volumes increase
African airlines were the only other region where cargo volumes increased over the past year; CTK growth was a solid 5.8% YoY, returning to a positive rate after two months of declines. This is mainly driven by the European and Asian routes, with growth rates 6.2% and 5.3% respectively.


CTK volumes continue to stabilize in June

Global cargo tonne-kilometers (CTKs) fell 6.4% YoY in June. This is a slightly better performance than in May, (-8.3% YoY). The recent declines in seasonally adjusted (SA) air cargo volumes paused in May and showed a solid 0.7% month-on-month (MoM) gain in June. However, it is too soon to call a recovery.
    Although China has eased the Omicron-related lockdowns, other headwinds including infrastructure and labour supply constraints persist. In addition, the ongoing conflict in Ukraine still affects cargo capacity, with a number of important air cargo carriers directly impacted. 


Trade activity continues to rebound as supply constraints ease but mostly focused on maritime

Global goods trade recovered further in May, (Chart 2) due mainly to strong volumes in emerging regions such as Latin America, but also the euro area and China. Further easing of COVID-19 restrictions in China including factory re-openings will support the global trade recovery in coming months.  
    However, most of the uptake in trade is supported by maritime that has been growing in line with the global trade. Download the full report.