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June 2023 IATA Air Freight Market Analysis

Published August 7. IATA Economic Reports.

Air cargo contracts 3.4% YoY


  • Global air cargo demand fell by 3.4% year-on-year in June, the smallest decline since February 2022. Yearto-date cargo tonne-kilometers (CTKs) were 8.1% below last year’s level.
  • Air cargo capacity, measured in available cargo tonne-kilometers (ACTKs), saw a slower annual growth of 9.7% in June, compared to double-digit growth between March and May. Year-to-date ACTKs exceeded 2022 levels by 9.9%.
  • Leading indicators of air cargo demand, including global goods trade, manufacturing PMIs, and inventory-tosales ratio, continued to point to contractions. However, improvements in inflation in major economies could provide a tailwind to the global economy and air cargo demand.
  • Major trade lanes including Europe-North America and Asia-North America experienced smaller annual contractions in international air cargo demand in June, improving by 2.1 percentage points compared to May.

African airlines report 2.8% decline in cargo demand for June

International CTKs on the Africa-Asia trade lane contracted by 4.9% YoY, which contrasts sharply with the strong growth of 18%-37% observed between February and April, albeit from a relatively low base in 2022. The performance of international cargo demand for Africa airlines continued to deteriorate in June with international CTKs declining further, from -1.9% YoY in May to 2.8% in June, largely affeced by the worsening situation on the Africa-Asia trade lane.

June recorded the smallest annual decline in global CTKs since February 2022

Industry air cargo demand, measured by cargo tonne-kilometers (CTKs), registered 20.2 billion in June and was 3.4% lower than the same month in 2022. This was the smallest annual decline since February 2022. In comparison to June 2019 levels, industry CTKs contracted by 2.4%, which is a 4.4 percentage point (ppt) improvement from the May level. Seasonally adjusted (SA) CTKs also recorded a 3.4% annual decline in June, improving by 1.6 ppts compared to the previous month. Download the full report.