Global air cargo demand continues to outperform pre-Covid levels (April 2019) with demand up 12 per cent, the International Air Transport Association (IATA) said on Tuesday.
Global demand measured in cargo tonne-kilometres was up 12 per cent compared to April 2019 and 7.8 per cent compared to March 2021. Seasonally adjusted demand is now 5 per cent higher than the pre-crisis August 2018 peak.
The strong performance was led by North American carriers contributing 7.5 percentage points to the 12 per cent growth rate in April. Airlines in all other regions except for Latin America also supported the growth.
Capacity remains 9.7 per cent below pre-Covid-19 levels (April 2019) due to the ongoing grounding of passenger aircraft. Airlines continue to use dedicated freighters to plug the lack of available belly capacity.
International capacity from dedicated freighters rose 26.2 per cent in April 2021 compared to the same month in 2019 while belly-cargo capacity dropped by 38.5 per cent.
Underlying economic conditions and favourable supply chain dynamics remain supportive for air cargo. Global trade rose 4.2 per cent in March.
Competitiveness against sea shipping has improved. Air cargo rates have stabilised since reaching a peak in April 2020 while shipping container rates have remain relatively high in comparison.
Meanwhile, longer supplier delivery times as economic activity ramps up make the speed of air cargo an advantage by recovering some of the time lost in the production process.
“Air cargo continues to be the good news story for the air transport sector. Demand is up 12 per cent on pre-crisis levels and yields are solid,” said Willie Walsh, IATA’s Director General.
“Some regions are outperforming the global trend, most notably carriers in North America, the Middle East and Africa. Strong air cargo performance, however, is not universal. The recovery for carriers in the Latin American region, for example, is stalled,” he said.
Asia Pacific airlines saw demand for international air cargo increase 9.2 per cent in April 2021 compared to the same month in 2019. This was a significant improvement in performance compared to the previous month.
International capacity remained constrained in the region, down 18.7 per cent versus April 2019. As was also the case in March, the region’s airlines reported the highest international load factor at 77.5 per cent.