The International Air Transport Association (IATA) released data for September 2022 global air cargo markets showing that air cargo demand softened. 

Global demand, measured in cargo tonne-kilometers (CTKs), fell 10.6% compared to September 2021 (-10.6% also for international operations), but continued to track at near pre-pandemic levels (-3.6%). 

Capacity was 2.4% above September 2021 (+5.0% for international operations) but still 7.4% below September 2019 levels (-8.1% for international operations).

Several factors in the operating environment should be noted:

Following contractions across major economies, the global Purchasing Managers Index (PMI) for new export orders also contracted (for a third month in a row) to its lowest level in two years.

Latest global goods trade figures showed a 5.2% expansion in August, a positive sign for the global economy. This is expected to primarily benefit maritime cargo, with a slight boost to air cargo as well.

Oil prices remained stable in September and the jet fuel crack spread fell from a peak in June.

The Consumer Price Index stabilized in G7 countries in September, but at a decades high level of 7.7%. Inflation in producer (input) prices slowed to 13.7% in August.