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November 2022 IATA Air Freight Market Analysis

Published January 9. IATA Economic Reports.

Air cargo demand declines


Highlights

  • Global air cargo tonne-kilometers (CTKs) dropped by 13.7% year-on-year (YoY) in November. This is also 10.1% lower than the CTKs for the same month in 2019. The industry performed less well than expected in a traditional peak season due to multiple headwinds in the current global economy.
  • Available cargo tonne-kilometers (ACTKs) contracted by 1.9% YoY in November – a second YoY decrease in a row since April 2022. This is mainly a result of airlines responding to supply imbalances from the softening demand.
  • Latin America resumed its strong performance in international CTKs, registering a 7.0% YoY growth in November compared with only 0.3% YoY growth in October. Asia Pacific (APAC) region saw the greatest YoY decline among the regions in international CTK, driven by China’s rising Covid cases and shrinking export orders.
  • Inflation in the G7 countries pulled back to 7.4% in November from 7.8% in October - the greatest decline so far in 2022. Oil prices also decreased in November despite the still unusually wide jet crack spread.

African airline cargo volumes decrease by 6.3%

African airlines saw cargo volumes decrease by 6.3% in November 2022 compared to November 2021. This was an improvement in performance compared to the previous month (-8.3%). Capacity was 11.4% below November 2021 levels.


Air cargo demand softened in November

Industry-wide air cargo demand, measured by cargo tonne-kilometers (CTKs), slowed from 21.0 bn in October to 20.6 billion in November. This represents a 13.7% decline compared to the same month in 2021 and is also 10.1% lower than the corresponding prepandemic level.
    Seasonally adjusted (SA) air cargo demand also softened in November. Industry-wide SA CTKs contracted by 14.0% compared with November 2021, following the decline of 13.3% YoY in October.
    From a year-to-date (YTD) perspective, the global air cargo industry has achieved 229.4 billion CTKs. Download the full report.