Global air cargo demand rose for the first time in 19 months in August 2023, according to data from IATA. Demand, measured in cargo tonne-kilometers (CTKs), increased by 1.5 per cent year-on-year, while capacity, measured in available cargo tonne-kilometers (ACTKs), increased by 12.2 per cent, IATA stated. The increase in capacity was due to a 30 per cent rise in belly capacity, as airlines increased operations to meet peak-northern summer travel season demand. In August, both the manufacturing output Purchasing Managers Index (49.4) and new export orders PMI (47.0) saw a slight improvement to the previous month. They remained, however, below the threshold limit represented by the 50 mark, indicating a continuing, if slower, annual decline in global manufacturing production and exports. Middle Eastern carriers experienced a 1.4 per cent year-on-year increase in cargo volumes in August 2023. This was an improvement from the previous month’s performance (-0.1%). The demand in the Middle East–Asian market has been trending upward in the past three months, expanding its year-on-year growth from 1.8 per cent in June to 3.5 per cent in August. Capacity increased by 15.7 per cent compared to August 2022.
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