Industry air cargo demand decreased by 0.8% year-on-year in July, reflecting the sustained improvement in argo tonne-kilometers (CTKs) and the low base of CTKs in 2022. Air cargo capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 11.2%, primarily due to the continued restoration of belly cargo capacity during the summer season. Global trade contracted for the third consecutive month, with manufacturing output and new export orders deteriorating. Inflation showed a mixed picture in July. The increase in US consumer prices picked up pace for the first time in 13 months, while both consumer and producer prices in China fell, suggesting a possible deflationary trend in the Chinese economy.
The global air cargo industry registered 20.7 billion cargo tonne-kilometers (CTKs) in July, extending its steady improvement since February. Year-on-year (YoY) industry CTKs narrowed the gap, now standing at 0.8% below July 2022 levels, while remaining 3.3% lower than their pre-pandemic level in 2019 (Chart 1).
Comments