Middle East Air Cargo Volumes Rebound in June: IATA
According to the latest figures released by The International Air Transport Association (IATA), Middle Eastern carriers posted a 0.5% increase in cargo volumes in June 2023 versus a year ago.
This was a strong turnaround from the 2.9% year-over-year decline registered in May. Capacity rose 11.1% for the month.
Both Middle East-Asia and Middle East-Europe route areas saw annual growth. For the first half of the year, cargo demand was down 5.6% compared to a year ago, with an 11.2% hike in capacity.
Meanwhile, global demand fell 3.4% in June compared to June 2022 (-3.7% for international operations).
For the half year, demand slid 8.1% compared to the January-June period of 2022 (-8.7% for international operations). However, demand in June was only 2.4% below June 2019 levels (pre-pandemic).
Capacity rose 9.7% compared to June 2022, which was a slower rate compared to the double-digit growth recorded between March and May reflecting the strategic capacity adjustments airlines are making amid a weakened demand environment.
Capacity for the first half of 2023 was up 9.9% compared to a year ago. Capacity is now 3.7% above June 2019 (pre-pandemic) levels.
Global cross-border trade decreased by 2.4% year-over-year in May, reflecting the cooling demand environment and challenging macroeconomic conditions.
Air cargo continues to suffer more than container cargo from the slowdown in global trade.
“We remain hopeful that the difficult trading conditions for air cargo will moderate as inflation eases in major economies. This, in turn, could encourage the central banks to loosen the money supply, which could stimulate greater economic activity,” said Willie Walsh, IATA’s Director General.