Demand for air cargo dropped significantly in 2022, down 8% from the year before and 1.6% below the pre-pandemic levels of 2019, according to 2022 global air freight markets data disclosed by International Air Transport Association (IATA). While capacity in 2022 was up 3% in comparison to 2021, it was down 8.2% when compared to 2019 pre-COVID levels.
December saw performance softening, as global demand was down 15.3% in comparison to 2021. Global capacity was down 2.2% when compared to 2021, which is the tenth consecutive monthly contraction.
Willie Walsh, DG, IATA said “Due to political and economic uncertainties, air cargo performance declined compared to the extraordinary levels of 2021. Continuing measures by key governments to fight inflation by cooling economies are expected to result in a further decline in cargo volumes in 2023 to -5.6% vs 2019."
He further said, 'It will take time for measures to bite into cargo rates. Average yields and total revenue for 2023 should remain above pre-pandemic level. This will provide respite in a challenging trading environment this year.”
The year 2022 ended with mixed signals, as global new export orders grew only in Germany, US and Japan while new export orders shrunk in rest of the markets.
Asia-Pacific airlines posted 8.8% decrease in demand in 2022 in comparison to 2021 and a capacity increase of 0.5%. Demand was down 7.8% and capacity declined 17.2% in comparison to pre-pandemic levels.
Asia-Pacific airlines recorded the worst performance of all regions in December with a 21.2% decline in demand. Airlines continue to be impacted by lower levels of trade and manufacturing activity and disruptions in supply chains due to China.
Latin American carriers posted the strongest performance of all regions, with a 13.1% increase in demand in and capacity increase of 27.1% European carriers posted the worst performance of all regions with 11.5% decrease in demand and capacity increase of 0.5%.
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(Edited by : Pradeep John)
