By Michel Haoses
Global air cargo demand grew by 2.2% in May when compared to the same period last year, according to the latest data released by the International Air Transport Association (IATA).
They noted that the growth was enhanced by a 2% growth in capacity, measured in available cargo tonne-kilometres.
鈥淎ir cargo demand globally grew 2.2% in May. That is encouraging news as a 10.7% drop in traffic on the Asia to North America trade lane illustrated the dampening effect of shifting U.S trade policies,鈥 stated Willie Walsh, IATA鈥檚 Director General.
鈥淓ven as these policies evolve, already we can see the air cargo sector鈥檚 well-tested resilience helping shippers to accommodate supply chain needs to flexibly hold back, re-route or accelerate deliveries,鈥 he added.
Several factors influenced the global operating environment in April and May. World industrial production rose to 2.6% in April while air cargo volumes grew 6.8% over the same period, outpacing global goods trade growth of 3.8%.
In addition, jet fuel prices were 18.8% lower in May than the previous year and 4.3% below the previous month. However, the global manufacturing contracted in May, as the Purchasing Managers鈥 Index (PMI) decreased to 49.1, below the 50 mark that signals growth. New export orders also remained in negative territory at 48, reflecting pressure from recent U.S. trade policy changes.
In May, the Asia-Pacific airlines saw 8.3% year-on-year demand growth for air cargo, the strongest growth of all regions, while Middle Eastern carriers rose by 3.6%, Latin American carriers by 3.1%, African airlines by 2.1% and European carriers grew by 1.6%.
The North American carriers, however, experienced a decline, with air cargo decreasing by 5.8% and capacity also decreasing by 3.2%.
Regarding capacity, the Asia-Pacific airlines also recorded the largest year-on-year growth at 5.7%, followed by Middle Eastern carriers with 4.2%, Latin American carriers with 3.5%, African airlines with and European carriers with growth of 1.5%.
There was a significant decrease in the Asia-North America trade lane, driven by the fading effect of front-loading and changes to the de minimis exemption on small package shipments. However, several route areas responded with surprising growth as cargo flows reorganised.