As the second wave of coronavirus ripped through the country, businesses began counting their costs. As in the first wave, airlines were among the worst hit. The number of air passengers in April plunged to about 40% of the pre-pandemic normal, according to government data. But another revenue stream for airlines still nearly matched its pre-pandemic normal in April: cargo, or the transportation of goods by air.
During the first wave, cargo traffic recovered better and quicker than passenger traffic in both the domestic and international segments. For instance, in September 2020, cargo volumes were at 89% of pre-pandemic levels, compared to 20% for passenger traffic and 44% for number of flights, according to credit rating agency ICRA.
