IATA Cargo Chartbook - Q1 2021

We are pleased to send you herewith the latest quarterly Cargo Market Analysis. 

Key points:   

• In the three months to January 2021, industry-wide cargo tonne-kilometres (CTKs) were down 0.6% year-on-year versus pre-crisis levels a year ago. Seasonally adjusted (SA) volumes were also close to 2019 values. Air cargo has been underperforming global goods trade, but this has moderated in the past few months, as economic upturns usually see air cargo overperform.
   
• Most drivers of air cargo are now supportive. Trade and industrial production are back to pre-crisis values, inventories are low compared to sales, business confidence is expanding and new export orders are generally robust. 
   
• The lack of cargo capacity – down 18.7% year-on-year in the three months to January – has so far prevented a stronger rebound in CTKs. Consequently, cargo load factors and rates are at or close to all-time high values, which continues to bring support to airlines in the form of cargo revenues. However, this only offsets a part of the fall in passenger revenues. 

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Press office IATA