Air cargo demand continued to improve in October but at a slower pace than the previous month and remains below previous year levels, according to data for global air freight markets released by the International Air Transport Association (IATA).
Global demand, measured in cargo tonne-kilometers (CTKs), was 6.2% below previous-year levels in October (-7.5% for international operations). That is an improvement from the 7.8% year-on-year drop recorded in September. However, the pace of recovery in October was slower than in September with month-on-month demand growing 4.1% (1.1% for international).
Global capacity, measured in available cargo tonne-kilometers (ACTKs), shrank by 22.6% in October (‑24.8% for international operations) compared to the previous year. That is nearly four times larger than the contraction in demand, indicating the continuing and severe capacity crunch.
Strong regional variations continue with North American and African carriers reporting year-on-year gains in demand (+6.2% and +2.2% respectively), while all other regions remained in negative territory compared to a year earlier.
Asia-Pacific airlines saw demand for international air cargo fall 11.6% in October compared to the same month a year earlier. This was an improvement from the 14.6% fall in September and the second consecutive month of improvement. International capacity remained constrained in the region, down 28.7%. However, this was an improvement over the 31.8% fall in capacity the previous month.
“Demand for air cargo is coming back—a trend we see continuing into the fourth quarter,” said Alexandre de Juniac, IATA’s Director General and CEO. “The biggest problem for air cargo is the lack of capacity as much of the passenger fleet remains grounded. The end of the year is always peak season for air cargo. That will likely be exaggerated with shoppers relying on e-commerce—80% of which is delivered by air. So the capacity crunch from the grounded aircraft will hit particularly hard in the closing months of 2020. And the situation will become even more critical as we search for capacity for the impending vaccine deliveries.”
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