Moderate strengthening of demand since August has buoyed the sagging air cargo market, but the seasonal surge in retail shipments for the holidays appears to be a third the normal level and more industry players are resetting expectations for a real recovery until the fall of 2024, or later.
Market intelligence provider Xeneta said airfreight volumes bumped up 2% in October from September and increased 2% year over year (y/y), but the sequential growth was subpar compared with peak seasons the previous five years. Midway through November, air cargo traffic remains barely ahead of last year’s disappointing fourth quarter, a compilation of surveys shows.
