IATA Air cargo market stable despite latest decline

IATA said the air cargo market is stable despite demand falling for the sixth month in a row in August. The airline association’s latest data shows that demand in August fell by 8.3%, which was a slight improvement on the 9.7% fall registered in July. Capacity increased by 6.3% and the average cargo load factor was down 7.5 percentage points from a year earlier at 46.7%. IATA director general Willie Walsh said: “Air cargo continues to demonstrate resilience. Cargo volumes, while tracking below the exceptional performance of 2021, have been relatively stable in the face of economic uncertainties and geopolitical conflicts. Market signals remain mixed. “August presented several indicators with upside potential: oil prices stabilised, inflation slowed and there was a slight expansion in goods traded globally. “But the decrease in new export orders in all markets except the US tells us that developments in the months ahead will need to be watched carefully.”

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Ocean freight rates decreased via the West Coast of North America (-5.6% week-on-week), via the East Coast of North America (-3.5%), Europe (-7.0%), and Korea (-4.4%).