Global demand measured in cargo tonne kilometres (CTK) was down 8.3% on May 2021 but that was an improvement on April, which was down 9.1% year-on-year.
Trade activity increased slightly as lockdowns in China were eased, and China was the only market to see new export orders, a leading indicator of cargo demand and world trade, increase.
The war in Ukraine continues to affect cargo capacity used to serve Europe as several Russia- and Ukraine-based airlines were key cargo players.
Capacity was up 2.7% on May 2021, 5.7% for international operations, offsetting the drop of 0.7% in April.
Easing restrictions in China was positive news for air cargo, says Willie Walsh, Director General of IATA, who adds, “The return of Asian production as Covid-19 measures eased, particularly in China, will support demand for air cargo. And the strong rebound in passenger traffic has increased belly capacity, although not always in the markets where the capacity crunch is most critical. But uncertainty in the overall economic situation will need to be carefully watched.”