The global air cargo market is in trouble in the first half of the year

The world volume of cargo air transportation decreased by 5.2% in annual terms. This was stated in the International Air Transport Association (IATA). According to IATA, air cargo transportation is down 7% from May 2019 and 6% from May 2022.

North America saw the biggest decline (-8.1%). In Europe, volumes fell 6.7% and in the Middle East by 3.1%. The air cargo indicator also decreased in the Asia-Pacific region, with flocks there transporting less cargo by air by 3.3%. In Africa, the figure fell by 2.4%. But, on the contrary, in Latin America air cargo transportation increased by 3.6% compared to last year.

- Trading conditions for air cargo remain challenging, with demand down 5.2% and a number of economic indicators pointing to weakness. However, the second half of the year should bring some improvement. With inflation slowing in many markets, the pace of rate hikes by central banks is expected to slow. This should help stimulate economic activity and have a positive impact on air cargo demand," said IATA director general Willie Walsh.

At the same time, Russian air cargo transportation does not show positive results either.

According to Rosstat, air transportation accounts for only 0.01% of all cargo traffic in Russia. In addition, 77% of cargo traffic of Russian airlines is international transportation. Many routes for Russian companies are now closed due to sanctions, also Russian airplanes can be arrested abroad.

Recall that for 2022 Rosaviatsia stopped the flights of 9 Russian airlines. Operator certificates of four of them were suspended, and the certificate issued to the bankrupt airline "Skol" was cancelled.