In a recent report by the International Air Transport Association (IATA), the outlook for the global cargo industry in 2024 is marked by a notable decline in revenues, yet it maintains resilience amidst various challenges. Here’s a comprehensive breakdown of the key findings:
Cargo Performance and Revenue Projections:
Cargo revenues are anticipated to witness a substantial drop to $111 billion in 2024, representing a significant decrease from the extraordinary peak of $210 billion recorded in 2021. Despite this decline, the figures remain above the 2019 revenues of $101 billion.
The ongoing growth of belly capacity, attributed to the robust expansion on the passenger side of the business, is expected to exert a negative impact on yields. The correction towards pre-pandemic levels is projected to continue with a forecasted decline of 32.2% in 2023, followed by an additional 20.9% decline in 2024. Noteworthy is the historical context of yield progression, marked by remarkable fluctuations: -8.2% in 2019, +54.7% in 2020, +25.9% in 2021, +7% in 2022, and -32.2% in 2023.