Air Freight Demand Lessens for November

New data for November November 2022 show that global air cargo market demand has softened as economic headwinds persist, according to the International Air Transport Association (IATA).

Global demand, measured in cargo tonne-kilometers (CTKs), fell 13.7% compared to November 2021 (-14.2% for international operations). Capacity (which is measured in available cargo tonne-kilometers (ACTKs), was 1.9% below November 2021. This was the second year-on-year contraction following the first last month (in October) since April 2022. International cargo capacity decreased 0.1% compared to November 2021.Compared to pre-COVID-19 levels (November 2019), there was a smaller contraction in overall demand (-10.1%), while capacity was down 8.8%.

Chart Credit: IATA

“Air cargo performance softened in November, the traditional peak season. Resilience in the face of economic uncertainties is demonstrated with demand being relatively stable on a month-to-month basis,” says Willie Walsh, IATA’s director general. "But market signals are mixed. November presented several indicators with upside potential: oil prices stabilized, inflation slowed and there was a slight expansion in goods traded globally. But shrinking export orders globally and China’s rising COVID cases are cause for careful monitoring.”