30 January 2024
Canadian Custom Brokerage

International Air Transport Association says global air cargo set for a positive 2024

According to the International Air Transport Association (IATA) air cargo set for a positive 2024.

All regions are expected to experience air cargo growth in 2024, according to IATA. The Middle East is set for the biggest rise at 12.3% while Africa will see a more modest 1.5% growth. On average, air cargo is forecast to grow 4.5%.

“Yields will likely decline in 2024 but they will still be above their 2019 levels,” says Rachel Yuting Fan, IATA Sustainability and Economics. “Cargo revenue will also be about 11% above 2019 and comprise 12% of total industry revenue. In other words, 2024 will see sustained revenue growth and the sector outperform pre-pandemic levels.”

The relevant economic markers are also positive with 3.5% growth in global trade projected for 2024. Broadly, belly capacity is back and will carry the majority of air cargo. Dedicated freighters will maintain their usual share of the market.

Other beneficial factors include the continued growth of e-commerce, the reduction in delivery times, and the robust performance of high-value specialized products, such as pharmaceuticals, which seem resilient to the industry’s usual volatility.

Possible downsides include China’s supply chain and currency fluctuations.

Source: IATA

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