September data for global air freight markets show that air cargo demand, while strengthening, remains depressed compared to 2019 levels. Global demand, measured in cargo tonne-kilometers (CTKs*), was 8% below previous-year levels in September (-9.9% for international operations). That is an improvement from the 12.1% year-on-year drop recorded in August.

Month-on-month demand grew by 3.7% in September.  Global capacity, measured in available cargo tonne-kilometers (ACTKs), shrank by 25.2% in September ( 28% for international operations) compared to the previous year. That is nearly three times larger than the contraction in demand, indicating a severe lack of capacity in the market.

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