Air Cargo Demand Remains Weak in May
The International Air Transport Association (IATA) released data for May 2023 global air cargo markets showing weak market conditions.
Middle East carriers experienced a 3.1% year-on-year decrease in cargo volumes in May 2023.
This was a slight improvement in performance compared to the previous month (-6.7%). Capacity increased 15.6% compared to May 2022.
Meanwhile, global demand fell 5.2% and capacity increasing 14.5% compared to compared to May 2022.
Global goods trade decreased by 0.8% in April, due to macroeconomic challenges and supply chain constraints.
Willie Walsh, IATA’s Director General said: “Trading conditions for air cargo continue to be challenging with a 5.2% fall in demand and several economic indicators pointing towards weakness.
"The second half of the year, however, should bring some improvements. As inflation moderates in many markets, it is widely expected that central bank rate hikes will taper. This should help stimulate economic activity with a positive impact on demand for air cargo.”