Based on the latest data from the International Air Transport Association (IATA), in November 2023, the global air freight market showed robust growth momentum. Compared to the same period last year, air freight demand increased by 8.3%, the strongest year-on-year growth in nearly two years. Notably, air freight demand has been growing for four consecutive months, indicating a sustained recovery and vitality of the market.
In terms of capacity, global air freight capacity in November 2023 increased by 13.7% year-over-year. Among this, international capacity grew by 11.6%. As the pandemic situation was brought under control, the international passenger market also gradually recovered, providing strong support for the growth of bellyhold capacity as the biggest driver.
However, compared to November 2019, global air freight demand still fell by 2.5%, while capacity increased by 4.1%. This suggests that, despite the positive growth trend currently seen, there is still some gap to bridge compared to pre-pandemic levels.
Moreover, the yield of air freight continued to show a significant upward trend. Since October, yields have increased by 8.9%. This growth aligns with an increase in cargo load factors, partly due to the thriving cross-border e-commerce driven by China's Western markets.
Willie Walsh, Director General of IATA, noted that the year-on-year growth in air freight demand of 8.3% in November was double the growth rate in October and represented the fourth consecutive month of positive growth. Despite the pressures faced by the global economy in 2023, the performance of the air freight market at the end of the year was encouraging.
From a regional perspective, airlines in the Asia-Pacific region performed particularly well. In November, air freight demand in the region increased by 13.8% year-over-year, significantly higher than the growth rate in October (7.6%). Available capacity in the region grew by 29.6%, thanks to the increase in bellyhold capacity after the lifting of pandemic restrictions.
Airlines in North America also showed signs of improvement. Air freight demand in November increased by 1.8% year-over-year, a notable improvement compared to October (a decrease of 1.8%). Capacity grew by 4.0% year-over-year.
Airlines in the European region also performed relatively steadily. In November, air freight demand increased by 6.7% year-over-year, up from 1.0% in October. Capacity grew by 6.5% year-over-year.
Airlines in the Middle East region showed the strongest performance. In November, air freight demand in the region increased by 13.5% year-over-year, similar to October (13.0%). Capacity grew by 15.4% year-over-year.
Overall, the global air freight market demonstrated a positive growth trend in November 2023. Although there is still some gap compared to pre-pandemic levels, with the continuous recovery of the market and steady performances across regions, there remains significant potential for future growth.