IATA – Air Cargo Market Analysis, Oct 2023

The International Air Transport Association (IATA) has released its Air Cargo Market Analysis for October 2023. The report shows that global air cargo tonne-kilometers (CTKs) have experienced three consecutive years of growth, increasing by 3.8% compared to the previous year. However, when compared to pre-pandemic levels, industry CTKs are still 2.4% lower. There has been a significant increase in air cargo capacity, measured by available cargo tonne-kilometers (ACTKs), which has grown by 13.1% compared to the previous year. This growth can be attributed to the return of international passenger belly capacity. Industry ACTKs have surpassed 2019 levels by 2.8%. Global trade has stabilized in September, and there has been a decrease in inflation in most major economies. Additionally, global jet fuel prices have decreased by 7.8% from September and closed October with an average price of USD 120.8 per barrel. In October, airlines from all regions have reported increases in their international CTKs, with carriers from the Middle East showing the most significant growth at 10.8% compared to the previous year.