Volumes this year remain relatively healthy, in historical terms, while comparisons with last year are skewed by exceptionally strong volumes from North Asia in 2021. But the trend into the summer is not favorable, WorldACD analysis highlights.
Year-on-year (YoY) global air cargo volume changes for the last 13 months seem to paint a less than rosy picture, as shown in the chart below. But behind the apparent recent decline in worldwide flown tonnages and yields there is a more complex and nuanced picture that reflects some exceptional characteristics of the market last year and of North Asian volume patterns, rather than simply a general worldwide weakening this year.
Since last March, our monthly figures have shown negative YoY growth rates for the worldwide air cargo business. July 2022 was even lower, with a double-digit percentage decline in volumes compared to July 2021 (-11%). For the period Jan-July, the YoY comparison stood at -4%. With average USD-yields up +22%, the industry’s overall air cargo revenue increased, YoY, by a significant +18%, including elevated fuel surcharge levels compared with last year.