According to the latest data from The International Air Transport Association (IATA), global air freight demand, measured in freight tonne-kilometres (CTKs), fell by 11.2 percent in April compared to April 2021 (-10.6 percent for international operations).

"The effects of Omicron in Asia and the war between Russia and Ukraine continue to create a challenging operational backdrop driving the decline," the report said.

The capacity was 2 percent below 2021. "Both global capacity and international capacity decreased slightly in April compared to March. Asia experienced the largest capacity decreases."

Willie Walsh, Director General, IATA said: "The combination of the war in Ukraine and the Covid-19 lockdowns in China have pushed up energy costs, intensified supply chain disruptions and fueled inflation. The business environment is challenging for all businesses, including aviation, but with China easing lockdown restrictions, there is cause for some optimism and the supply/demand imbalance is keeping yields high."

Airlines in Asia and the Pacific saw air cargo volume decline by 15.8 percent in April compared to the same period last year. “This was the weakest performance of all regions and significantly slower than the previous month (-5.1%). Airlines in the region have been severely impacted by lower trade and manufacturing activity due to Omicron-related lockdowns in China. in the region was down 19.4 percent from April 2021, the largest drop of any region."

North American carriers recorded a 6.6 percent drop in freight volumes in April. Demand in the Asia-North American market declined significantly, but other key routes such as Europe-North America remained strong. Several carriers in the region are expected to receive cargo ships by 2022, which should help address pent-up demand on routes where needed, the report said.