In March this year, Willie Walsh, International Air Transport Association’s (IATA) Director General had said about January 2022 figures, “Demand growth of 2.7% in January was below expectation, following the 9.3% recorded in December.”
He went on to add that this percentage point likely reflects a shift towards the more normal growth rate of 4.9% expected for this year. “Looking ahead, however, we can expect cargo markets to be impacted by the Russia-Ukraine conflict. Sanction-related shifts in manufacturing and economic activity, rising oil prices and geopolitical uncertainty are converging. Capacity is expected to come under greater pressure and rates are likely to rise. To what extent, however, it is still too early to predict.”
‘Falling below expectation’ set the tone for the air cargo industry in 2022, with the sector grappling with uncertainties, volatile volumes and capacities worldwide jostling between the pandemic’s aftermath and geopolitical turbulence.
To understand this better, we zoomed into transatlantic freight routes. These routes rake in cargo revenue from flights that cross the Atlantic Ocean with origins and destinations principally in Europe, India, the Middle East and North Africa which form this airfreight passageway.
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