The International Air Transport Association (IATA) has released figures for the global air cargo markets for February 2021, clearly showing that demand continues to exceed pre-COVID-19 pandemic levels. Strong month-on-month growth compared to January 2021, February’s demand exceeded February 2019 levels by 9%. Current demand has now reached the same level seen in 2018, prior to the US-China trade war. Because comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted all comparisons to follow are to February 2019 which followed a normal demand pattern.
Global demand, measured in cargo ton-kilometers (CTKs), was up 9% compared to February 2019 and +1.5% compared to January 2021. All regions except for Latin America saw an improvement in air cargo demand compared to pre-COVID levels and North America and Africa were the strongest performers. The recovery in global capacity, measured in available cargo ton-kilometers (ACTKs), stalled owing to new capacity cuts on the passenger side as governments tightened travel restrictions due to the recent spike in COVID-19 cases. Capacity shrank 14.9% compared to February 2019.
“Air cargo demand is not just recovering from the COVID-19 crisis, it is growing. With demand at 9% above pre-crisis levels (Feb 2019), one of the main challenges for air cargo is finding sufficient capacity. This makes cargo yields a bright spot in an otherwise bleak industry situation. It also highlights the need for clarity on government plans for a safe industry restart. Understanding how passenger demand could recover will indicate how much belly capacity will be available for air cargo. Being able to efficiently plan that into air cargo operations will be a key element for overall recovery,” said Willie Walsh, IATA’s Director General.
