Key points from our latest report:
- The period of stability at elevated air cargo volumes continued in September, with industry-wide cargo tonne-kilometres (CTKs) growing by 9.1% compared to September 2019. This was an improvement compared to the 7.5% increase in August, but seasonally adjusted (SA) CTKs only increased marginally month-on-month.
- Trends in the main drivers of air cargo are tangled currently. The upshot is that trade and manufacturing activity are impacted by supply chain issues, but air cargo benefits from its speed, which helps meeting peak season demand and will allow it to overperform global goods trade.
- Cargo capacity improved in September, but is still 8.9% below 2019 levels. Load factors remain close to record-highs and cargo yields are now trending upwards. This continues to provide welcome support to airlines' revenues.