The predicted cargo revenues in 2021 also represent a considerable increase on the $128 billion generated in 2020 and the $101 billion in pre-Covid 2019.
The growth also means that cargo will account for a third of industry revenues, more than double the 10 to 15 per cent for which it normally accounts.
The increased cargo value also comes as airline passenger revenues fall through the floor thanks to ongoing international border closures, with just $231 billion predicted for this year, far below the 2019 figure of $607 billion.
This means the increase in cargo revenues has been unable to offset the decline in passenger numbers, with total global airline revenues for 2021 predicted to be $458 billion, a considerable drop on the $838 billion generated in 2019.
Such is the ongoing crisis, that IATA director general Willie Walsh has renewed calls for further government assistance for the airline industry.