RIYADH: Economic headwinds across the globe continued to affect air cargo demand in October, as Middle Eastern carriers witnessed a 15 percent fall in air cargo volumes compared to the same period last year, according to the International Air Transport Association.
The October report from the organization, which represents some 290 airlines comprising 83 percent of global air traffic, revealed the impact of the economic headwinds on the aviation sector could even follow into 2023.
“Air cargo continues to demonstrate resilience as headwinds persist. Cargo demand in October — while tracking below the exceptional performance of October 2021 — saw a 3.5 percent increase in demand compared to September. This indicates that the year-end will still bring a traditional peak-season boost despite economic uncertainties,” said IATA’s Director General Willie Walsh.
He added: “As 2022 closes out it appears that the current economic uncertainties will follow into the New Year and need continued close monitoring.”
In October 2022, air cargo volumes in Asia-Pacific airlines decreased by 14.7 percent compared to the same month in 2021.
The report noted that the fall of air cargo volumes in the Asia Pacific was impacted by conflict in Europe, and lower levels of trade and manufacturing activity due to omicron-related restrictions in China
North American carriers posted an 8.6 percent decrease in cargo volumes in October 2022, while European carriers saw an 18.8 percent decrease compared to the same month last year, primarily due to the war in Ukraine and high inflation levels.
Latin American and African carriers also witnessed a fall in cargo volumes by 1.4 percent and 8.3 percent over the same period.
The report also suggested that the global demand for air cargo measured in cargo ton-kilometers fell 13.6 percent in October 2022 from the same month last year.
“Capacity was 0.6 percent below October 2021. This was the first year-on-year contraction since April 2022, however, month-on-month capacity increased by 2.4 percent in preparation for the year-end peak season,” said IATA in the report.
International cargo capacity grew 2.4 percent in October 2022, compared to the same month in the previous year.