July 2021 IATA Air Freight Market Analysis 
Published September 1, 2021.  

Air cargo remains strong but the Delta C-19 variant creates risks


Highlights

July data for Africa will be available in the August traffic updates.

  • Air cargo trends were still strong in July. Industry-wide cargo tonne-kilometres (CTKs) increased by 8.6% compared to July 2019, slightly below the growth outcome for June (9.2%). After removing seasonality from the data, CTKs have trended sideways at elevated levels in the past three months. Growth and seasonality adjusted levels were also stable in most regions, at different values.
  • Supply chain conditions continue to be supportive of air cargo, in particular compared to other modes of transport. The impact of the Delta variant on supply chains and operations will likely put pressure on CTKs in August.
  • Air cargo capacity continued to recover in July (down 10.3% versus July 2019), but there are also risks that improvements slow or reverse in August.

Strong cargo demand continues
Another month of record-high load factors. In July, the industry-wide cargo load factor grew by 9.5 percentage points (ppts) compared to the same month in 2019, to reach 54.4%. This is a record-high value for any months of July, showing that the market remains exceptionally tight.


Another month of stable air cargo growth trends

July was the third consecutive months of relative stability in air cargo growth. Industry-wide cargo tonne-kilometres (CTKs) rose by 8.6% in July compared to the pre-crisis month of July 2019, a minor deterioration from the 9.2% increase in June. Growth remains dynamic compared to the long-term average (circa 4.7% at the monthly level). Seasonally adjusted (SA) CTKs have flatlined in the past three months, with a month-on-month fall of 0.1% in July...Download the full document here.