IATA: Global air cargo rebounds in 2023

Global air cargo rebounded in 2023 with strong fourth quarter results bringing levels just slightly below 2022 as well as pre-Covid results. The International Air Transport Association (IATA) data showed that global full year cargo demand in 2023 was down 3.6% compared to 2019 and down 2.2% compared to 2022. Demand is measured in cargo tonne-kilometres (CTKs). Capacity in 2023, which is measured in available cargo tonne-kilometres (ACTKs), was 2.5% above 2019 levels with international operation capacity being equal between both years. Last year's capacity was 11.3% up from 2022 with international capacity up 9.6% in 2023. December 2023 was noteworthy with it being 10.8% above same period in 2022 (up 11.5% for international operations), making it the strongest annual growth performance over the past two years. Global capacity was up 13.6% (up 14.1% for international operations) in December 2023 over same period 2022. ""Despite political and economic challenges, 2023 saw air cargo markets regain ground lost in 2022 after the extraordinary COVID peak in 2021,"" said IATA general director Willie Walsh. He added: ""The significant strengthening in the last quarter is a sign that markets are stabilising towards more normal demand patterns. That puts the industry on very solid ground for success in 2024.""