The International Air Transport Association (IATA) has announced that global air cargo markets are indicating the strongest year-on-year growth in roughly two years.

This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo, it stated.

In its released data for November 2023, IATA said the global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3% compared to November 2022. For international operations, demand growth was 8.1%.

According to IATA, capacity, measured in available CTKs, was up 13.7% compared to November 2022 (+11.6% for international operations).

Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-Covid recovery.

Compared to November 2019 (pre-Covid), IATA said the cargo demand was down 2.5% while capacity was up 4.1%.

"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," remarked Willie Walsh, IATA’s Director-General.

"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," he added.

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