African airlines had the strongest performance in July 2023 with a 2.9% increase in cargo volumes compared to July 2022, according to the latest update from IATA.Notably, Africa–Asia routes experienced significant cargo demand growth (10.3%). Capacity was 11% above July 2022 levels.

Global air cargo demand was marginally (0.8%) below July 2022 levels but is an improvement on recent months’ performance that is particularly significant given declines in global trade volumes and rising concerns over China’s economy. Capacity was up 11.2% compared to July 2022 (8% for international operations).

Many fundamental drivers of air cargo demand such as trade volumes and export orders remain weak or are deteriorating. There are growing concerns over how China’s economy is developing. At the same time, we are seeing shorter delivery times, which is normally a sign of increasing economic activity. Amid these mixed signals, strengthening demand gives us good reason to be cautiously optimistic: Willie Walsh, IATA

North American carriers posted the weakest performance of all regions with a 5.2% decrease in cargo volumes in July 2023 compared to the same month in 2022, marking the fifth consecutive month in which the region had the weakest performance.

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