May Air Cargo 9.4% Above Pre-COVID Levels
- Global demand, measured in cargo tonne-kilometers (CTKs*), was up 9.4% compared to May 2019. Seasonally adjusted demand rose by 0.4% month-on-month in May, the 13th consecutive month of improvement.
- The pace of growth slowed slightly in May compared to April which saw demand increase 11.3% against pre-COVID-19 levels (April 2019). Notwithstanding, air cargo outperformed global goods trade for the fifth consecutive month.
- North American carriers contributed 4.6 percentage points to the 9.4% growth rate in May. Airlines in all other regions except for Latin America also supported the growth.
- Capacity remains constrained at 9.7% below pre-COVID-19 levels (May 2019) due to the ongoing grounding of passenger aircraft. Seasonally adjusted capacity rose 0.8% month-on-month in May, the fourth consecutive month of improvement indicating that the capacity crunch is slowly unwinding.
- Underlying economic conditions and favourable supply chain dynamics remain supportive for air cargo:
- o Global trade rose 0.5% in April.
- o The Purchasing Managers Indices (PMIs) - leading indicators of air cargo demand - show that business confidence, manufacturing output and new export orders are growing at a rapid pace in most economies.
- o The cost-competitiveness of air cargo relative to that of container shipping has improved. Pre-crisis, the average price of air cargo was 12 times more expensive than sea shipping. In May 2021 it was six time more expensive.
- “Propelled by strong economic growth in trade and manufacturing, demand for air cargo is 9.4% above pre-crisis levels. As economies unlock, we can expect a shift in consumption from goods to services. This could slow growth for cargo in general, but improved competitiveness compared to sea shipping should continue to make air cargo a bright spot for airlines while passenger demand struggles with continued border closures and travel restrictions,” said Willie Walsh, IATA’s Director General.
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