Air cargo grew strongly in 2021, outperforming the wider goods trade, but results deteriorated in 2022. As is typical during economic upturns, global air cargo transport grew faster than the overall goods trade in 2021. This is because demand for goods rebounded strongly, and businesses often did not have enough inventory to meet that demand, inducing them to turn to air cargo for rapid restocking. This inventory restocking cycle tapered off somewhat at the end of 2021 into early 2022 as the rebound in economic activity slowed and inflation began to rise. Air cargo traffic continues to grow in year-on-year terms, but its growth clearly softened in the second half of 2021 and may well weaken further as 2022 progresses.