Global demand for the first half-year was 4.3 percent below 2021 levels, while capacity was up 4.5 percent. The latest after-the-fact data for June from the International Air Transport Association (IATA), which was released at the start of August, revealed that global demand, measured in cargo tonne-kilometres, was 6.4 percent below June 2021 levels. On the flipside, there is a noticeable dip in demand, in part due to lowered consumer requirements with inflation in play. => Demand reduction amidst capacity growth
“However, there are still so many bottlenecks at ports and elsewhere in supply chains that it would not take much of a jolt to global logistics flows for demand for air freight to get more forceful as we get closer to the holiday season,” he added. Softening exports out of Asia, more passenger aircraft bellyhold capacity entering the market, and strong economic headwinds are expected to produce a Q4 air cargo peak season which is significantly less vigorous than in 20. The August report notes that global capacity in August this year was just 11 percent lower than in August 2019, despite airspace closures and ongoing Covid-19 disruption. Global freight capacity has been gradually increasing through the year and has been buoyed this summer by additional bellyhold options on key routes out of the Middle East and on trans-Atlantic and intra-Asia lanes.ĭHL’s July Airfreight State of the Industry report recorded that overall capacity in July was up 18 percent year-on-year. Leung noted that there has been a significant air-to-ocean conversion this year, signalling a slightly more subdued peak season compared to the extremes from the last two pandemic-driven peaks. “We are seeing this playing out in demand from Europe, and to a lesser extent the U.S., for exports out of Asia as well as in less aggressive new orders,” said Kelvin Leung, CEO DHL Global Forwarding Asia Pacific.
Inflation is weighing heavily on advanced economies and consumer demand, with the International Monetary Fund, World Bank and most analysts heavily downgraded 20 GDP growth forecasts.
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