Seasonally adjusted cargo tonne-kilometers (CTKs) increased by 0.7% in the month of June, following a flat outturn last month. Compared with a year ago, June CTKs were 6.4% lower, a modest improvement from the 8.7% decline in May. Available cargo tonne-kilometers (ACTKs) increased by 6.7% year-on-year (YoY). Latin America and Africa are the only two regions currently showing a YoY increase in air cargo traffic, of 19.6% and 5.7% YoY, respectively. Two consecutive solid monthly increases for Asia Pacific CTKs are positive developments, coinciding with the easing of lockdown restrictions in China. The easing of restrictions in China and reduced disruption in global supply chains is likely to be good news for world trade and air cargo volumes in coming months. However, the impact of high inflation and rising interest rates will work against this expected recovery.