Global air cargo markets showing the smallest year-over-year contraction in demand since February 2022, stated IATA, while releasing data for June 2023. Global demand fell 3.4 per cent in June compared to June 2022 (-3.7% for global operations) with demand in June only 2.4 per cent below June 2019 levels. IATA stated capacity rose 9.7 per cent against June 2022, which was a slower rate compared to the growth recorded in March-May, reflecting strategic capacity adjustments airlines are making amid a weakened demand environment. Capacity is now 3.7% above pre-pandemic levels. Middle Eastern carriers posted a 0.5 per cent increase in cargo volumes in June 2023 a year ago. This was a strong turnaround from the 2.9 per cent YoY decline registered in May. Capacity rose 11.1 per cent for the month. Both Middle East-Asia and Middle East-Europe route areas saw annual growth. For the first half of the year, cargo demand was down 5.6 per cent compared to a year ago, with an 11.2 per cent hike in capacity.
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