Middle Eastern Carriers See 2.5% Year-on-Year Increase in September Cargo Volumes
Middle Eastern carriers had the strongest performance globally in September 2023, with a 2.5% year-on-year increase in cargo volumes according to data released by The International Air Transport Association (IATA).
This was an improvement from the previous month’s performance (+1.3%). Carriers in the region benefited from growth in the Middle East–Asia (+7.0%) and Middle East–Europe markets (+3.3%). Capacity increased 16.1% compared to September 2022.
Meanwhile, global demand increased by 1.9% compared to September 2022 levels (+1.6% for international operations).
In September, both the manufacturing output Purchasing Managers Index or PMI (49.7) and new export orders PMI (47.7) saw a slight improvement to the previous month.
They remained, however, below the critical 50-point threshold, indicating a continuing, but slightly slower, annual decline in global manufacturing production and exports.
Global cross-border trade contracted for the fifth month in a row in August, decreasing 3.8% year-over-year. This reflects the cooling global macroeconomic environment.
Annual growth in US consumer prices stabilized in September at 3.7%, the same rate as in August. In Europe and Japan consumer price inflation slowed by 1.0 and 0.2 percentage points, respectively, to 4.9% and 3.0%, (also respectively).
In China, deflation-fighting policy measures saw an annual rise in consumer prices of 0.1%.
In September, the average price of jet fuel was US$131 per barrel, marking a 43.1% increase from the May 2023 price. Recouping some of this added cost from surcharges in September contributed to the first increase in air cargo yields since November 2022.
Willie Walsh, IATA’s Director General said: "Air cargo eked out modest growth (1.9%) in September despite falling trade volumes and high jet fuel prices.
"That clearly shows the strength of air cargo’s value proposition. With the key export order and manufacturing PMIs hovering near positive territory, we can be cautiously optimistic for a strong year-end peak season."