IATA – Quarterly Air Transport Chartbook, 4Q 2023

The global air cargo sector experienced a resurgence in the fourth quarter of 2023, with a strong performance despite challenging economic conditions. Demand for air cargo saw a significant increase, with cargo tonne-kilometers rising by 8.1% compared to the previous quarter. The growth in international cargo traffic was led by carriers in the Middle East, Asia Pacific, and Europe, with notable improvements in Africa as well. Capacity for air cargo also saw a solid increase, primarily driven by the restoration of passenger belly-hold capacity. The industry-wide air cargo load factor improved to 51.5% in the fourth quarter, following pre-pandemic seasonality trends. The Asia Pacific-Europe and North America-Asia Pacific routes saw the highest cargo load factors. Despite weak global trade indicators such as the PMI and inventory-to-sales ratio, the air cargo industry remained resilient and saw positive growth in the fourth quarter of 2023. The relative performance of air cargo compared to global trade was influenced by base-year effects from the previous year.