Middle Eastern carriers see 14.7% drop in cargo

Middle Eastern carriers see 14.7% drop in cargo

Muscat: Middle Eastern carriers experienced a 14.7 per cent year-on-year decrease in cargo volumes in November 2022, according to a new report.

“This was a marginal improvement to the previous month (-15.0 per cent),” the International Air Transport Association (IATA) said in its latest released data for November 2022 global air cargo markets “Cargo volumes to/from Europe impacted the region’s performance, registering a 16.3 per cent year-on-year decline in November while capacity increased 2.1 per cent compared to November 2021,” the IATA report said.

Global air cargo markets are showing that demand softened as economic headwinds persist and global demand, measured in cargo tonne-kilometres (CTKs), fell 13.7 per cent compared to November 2021 (-14.2 per cent for international operations).

Capacity (measured in available cargo tonne-kilometres, ACTK) was 1.9 per cent below November 2021. This was the second year-on-year contraction following the first last month (in October) since April 2022. International cargo capacity decreased by 0.1 per cent compared to November 2021.

Compared to pre-COVID-19 levels (November 2019), there was a smaller contraction in overall demand (-10.1 per cent), while capacity was down 8.8 per cent.

The report further said that several factors in the operating environment needed to be noted.

Global new export orders, a leading