The International Air Transport Association (IATA) has released its air cargo markets report for November 2023 highlighting the greatest year-on-year growth for nearly two years.
The air cargo market grew by 8.3%, respective of the Covid-19 pandemic affecting 2022, the report marks a fourth consecutive month of improving air freight demand.
According to the data, aviation capacity was up 13.7% compared to November 2022, alongside this in comparison to November 2019 demand is down 2.5% while capacity is up 4.1%.
Willie Walsh, IATA’s Director General highlighted the strong factors across November 2023, regarding the data.
Walsh said: “November air cargo demand was up 8.3% on 2022—the strongest year-on-year growth in almost two years. That is a doubling of October’s 3.8% increase and a fourth month of positive market development.
“It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon”.
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In terms of regional performance, Asia-Pacific carriers witnessed the strongest growth with air cargo volume increases of 13.8% in November 2023 compared to 2022. In comparison, the region’s capacity increased by 29.6% compared to November 2022.
Middle Eastern carriers further witnessed a strong cargo volume increase with a 13.5% year-on-year increase.
According to IATA, US carriers witnessed the “weakest demand growth” in November 2023 with a 1.8% increase.
The November reports follow IATA’s expanded use of operational data in December 2023. As previously reported, this would allow IATA to make more informed decisions across its safety increases, operational efficiency, and sustainability.