Global air cargo traffic, as measured in cargo ton kilometers (CTKs), rose 4.4% year over year in August, even as key trade lanes tied to the Middle East contracted, according to the International Air Transport Association (IATA).
The organization noted that all regions reported CTK growth—even Middle East carriers posted a 1% year-over-year increase. North American carriers led growth with a 6.6% year-over-year rise in CTKs in August, followed by Latin America and the Caribbean (up 4.1%), Europe (up 4.1%) and Africa (up 3%).
Global air cargo capacity, as measured in available ton kilometers (ATKs), was down 0.1% year over year in August. “Strong demand and higher load factors helped airlines to recoup some of the exceptionally high fuel costs,” IATA Chief Economist Marie Owens Thomsen said.
August jet fuel prices were up 79.2% year over year, according to IATA.
The fastest-growing trade lane in August was Asia-North America, which saw a 13.2% year-over-year rise in CTKs, the seventh straight month of growth. Asia-North America is the world’s largest air cargo trade lane with a 23.5% share. Asia-Europe, the second largest air cargo trade lane (21.5% share), grew 3.1% year over year in August, the 42nd consecutive month of growth.
The effect of the Iran war on air cargo can be seen on the Europe-Middle East and Asia-Middle East trade lanes, which saw August year-over-year CTK declines of 12.1% and 11%, respectively. Both lanes have contracted for six consecutive months.
Cargo traffic within Asia grew 6.1% year over year in August, the 34th straight month of growth.
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