Last month, we reported a Year-on-Year (YoY) volume increase of 53% for April 2021, largely influenced by the ‘rock-bottom’ month of April 2020 in air cargo. Unsurprisingly, the YoY volume increase for May 2021 is much lower, though still +33%. Overall volume for the first five months of 2021 is 20% above 2020. To put this in perspective, we compared the Year-to-Date (YtD) 2021 with YtD 2019 (Yo2Y). The chart below shows that the worldwide volumes so far in 2021 behave very much like in 2019: YtD May 2021 is only 1% below the level of 2019.
However, when we look at this on a more detailed geographic level, the picture is very different. The table below shows that the origin regions Africa, Europe and Middle East & South Asia are below 2019 volume levels, whilst Asia Pacific, Central & South America and North America are above 2019 levels. In other words, different markets show different performances: it matters where you do business.