IATA: Air Cargo Demand Remains Weak in May
Source: IATA The International Air Transport Association (IATA) released data for May 2023 global air cargo markets showing weak market conditions. Global demand, measured in cargo tonne-kilometers (CTKs), fell 5.2% compared to May 2022 (-6.0% for international operations). Capacity, as measured by available cargo tonne-kilometers (ACTKs), rose 14.5% compared to May 2022, primarily driven by belly capacity which increases as demand in the passenger business recovers. Capacity is now 5.9% above May 2019 (pre-pandemic) levels. Key factors influencing demand include: The global manufacturing Purchasing Managers Index (PMI) indicates an annual contraction of 1.4% in new export orders and a decrease of 5.2% year-on-year in production PMI. This suggests a cooling in global manufacturing demand. Global goods trade decreased by 0.8% [...]