Air cargo demand from China to Europe has been losing momentum since Chinese New Year this year. Year-to-date cargo volume was 19.6% below the level of last year, and 7.4% below the 2019 level. This can be attributed to weeks-long China regional lockdowns, high inflations, labour shortages and Russia-Ukraine war. And the sharp drop of air cargo demand in this year’s Golden Week provides a sneak peek of Q4 peak season, which is likely to be less pronounced than previous years.