Global air cargo demand was up 1.5% year-on-year in August – the first sign of growth for the sector since February 2022.
That’s according to latest data from the International Air Transport Association (IATA) based on cargo tonne-kilometres (CTKs).
Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 12.2% compared to August 2022.
This was largely related to belly capacity which rose 30% year-on-year as airlines ramped-up operations to meet peak-northern summer travel season demand.
In August, the manufacturing output purchasing managers index (PMI) was 49.4 and new export orders PMI was 47. Although a slight improvement to the previous month, they remained below the 50 mark, indicating a continuing, if slower, annual decline in global manufacturing production and exports.
IATA director general Willie Walsh says the first sign of growth in 19 months is “welcome news”.
“But it is off a low 2022 base and market signals are mixed.
“Looking ahead, while many uncertainties remain, we can take some optimism from PMI data moving towards positive territory.
“This is particularly significant as we head into air cargo’s traditional peak year-end season,” Walsh says.
