📝 Global Traffic Holds Below 2019 Levels Except In NA: Barclays

IATA reported global passenger traffic (RPK) in August 4% below 2019 levels, in line with 4% below in July (+28% YOY in August). August’s 4% below includes international at -12% (vs -11% in July) and domestic traffic at +9% (vs +8% in July). August global capacity 3% below 2019 levels compares to -4% in July vs 2019. Cargo traffic -1% in August vs 2019 levels while capacity was 4% above 2019 levels.

By region, August traffic was still below pre-COVID levels except in North America (+1%) and Latin America (+7%). Traffic (vs 2019 levels) improved from July in Asia, LATAM, and Middle East (~180bps on average), while traffic worsened in Europe, Africa, and North America (~90bps on average). China domestic was +21% vs 2019 (+23% in July) while U.S. domestic was +2% vs 2019 (+3% in July).

- Barclays