The worldwide market decreased by 21% YoY in volume: the origins MESA, Africa and Europe suffered most (-37%, -30%, -28% respectively), and Asia Pacific least (-12%). Most areas suffered losses on all major trade lanes (i.e. region-to-region markets) in more or less equal measure. The exceptions were Asia Pacific and Central & South America (C&S Am). The former lost very little on the lanes to Europe and North America, whilst C&S Am only lost 7% on its lanes to the north.
Due to a very severe capacity shortage, airline cargo revenues increased with 42%. Yields/charges per kg increased by 81% from an average of USD 1.75 to USD 3.18. The largest YoY differences were recorded in yields/charges ex-MESA (+112%) and ex-Asia Pacific (+108%). Although on some of the smaller lanes, yields/charges did go up to levels between 8 USD and 9.5 USD, on the larger lanes the average yield was nowhere near the incidental yields reported by some over the past months: Asia Pacific noted an average of USD 4.89 to Europe and of EUR 5.91 to North America.
The differences in the dwindling demand for goods carried by air, is well illustrated when looking at the YoY changes in freight carried to each destination region: Europe lost 16%, but Africa 31%. The other destination areas showed losses between 21% and 26%.