Air Cargo's Remarkable Resurgence in 2023: A Year of Robust Recovery
The global air cargo market demonstrated exceptional resilience in 2023, as detailed in the latest IATA report. December marked a notable year-on-year increase in air cargo traffic, achieving an impressive 10.8% growth. This surge propelled the annual average figures to a striking proximity of 1.9% below the levels seen in 2022. The month of December also witnessed remarkable highs in cargo capacity, driven primarily by international passenger belly capacity, resulting in a 13.6% year-on-year rise.
Key highlights from the report include:
- Global Demand and Capacity: The global demand reached 22.8 billion cargo tonne-kilometers (CTKs) in December, with the highest traffic seen in two years, indicating a robust recovery path.
- Capacity Growth: Air cargo capacity, measured in Available Cargo Tonne Kilometers (ACTKs), reached new heights in December, surpassing both 2022 and 2019 levels.
- Regional Performance: Asia-Pacific carriers led the capacity expansion with a significant 28.5% increase from 2022. In contrast, North American carriers experienced a decrease in demand.
- Economic Indicators: The report also shed light on global economic trends, including soft inflation in major economies and the impact of geopolitical conflicts on trade routes, which significantly influenced the air cargo market.
Willie Walsh, IATA’s Director General, highlighted the industry's success amid challenges: “Despite political and economic challenges, 2023 saw air cargo markets regain ground lost in 2022 after the extraordinary COVID peak in 2021. The significant strengthening in the last quarter is a sign that markets are stabilizing towards more normal demand patterns."
This recovery of the air cargo market, despite facing numerous global challenges, underscores its critical role in supporting global trade and economic activity. The data from IATA paints a picture of a sector adapting and thriving amidst a complex economic landscape, setting a positive outlook for 2024.
