GENEVA, SWITZERLAND – The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years.
This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo.
Global demand for air cargo, measured in cargo tonne-kilometers (CTKs), increased by 8.3 percent compared to November 2022.
For international operations, demand growth was 8.1 percent.
Capacity, measured in available cargo tonne-kilometers (ACTKs), was up 13.7 percent compared to November 2022 (+11.6 percent for international operations).
Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-COVID-19 recovery.
Compared to November 2019 (pre-COVID-19), demand is down 2.5 percent while the capacity is up 4.1 percent.
“November air cargo demand was up 8.3 percent —the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8 percent increase and a fourth month of positive market development,” said Willie Walsh, IATA’s Director-General.
“It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon,” he said.