African airlines report weakest cargo demand in August

African airlines report weakest cargo demand in August
African airlines report weakest cargo demand in August

The International Air Transport Association (IATA) has reported a 4.7% decline in air cargo demand in Africa for August 2023 compared to the same month in the previous year.

This decline marks a significant setback for African airlines, as they had experienced 2.3% growth in cargo volumes in July.

One contributing factor to this decline is the 1.1% reduction in cargo volumes recorded on the Africa-Asia routes in August, whereas the same route had shown substantial growth of 11.2% in July.

Global air cargo

However, there is a silver lining as available cargo tonne-kilometers (ACTKs), a measurement for available total cargo capacity, increased by 3.8% compared to August 2022 levels.

In contrast, other regions demonstrated different cargo performance trends.

Asia-Pacific airlines experienced a 4.9% increase in air cargo volumes in August, accompanied by a significant 28.5% rise in available capacity.

North American carriers saw a slight decrease of 1.2% in cargo volumes but an increase of 2.7% in available cargo capacity.

European carriers also faced a decline in cargo volumes by 0.2% in August 2023, although their available cargo capacity increased by 3.6%.

Meanwhile, Middle Eastern carriers achieved a 1.4% growth in cargo volumes despite a substantial 15.7% increase in cargo capacity.

Latin American airlines had the strongest performance in August, with a 6.2% increase in cargo volumes, accompanied by a growth of 13.7% in available cargo capacity.

On a global scale, the air cargo market saw a 1.5% year-on-year growth in cargo demand in August, marking the first positive growth in 19 months.

The industry-wide air cargo demand, measured by cargo tonne-kilometers (CTKs), reached 20.7 billion in August, with seasonally-adjusted (SA) CTKs at 20.8 billion.

While global CTKs grew by 1.5% YoY, they remained 1.3% lower than their pre-pandemic levels in 2019.