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IATA forecasts strong rebound in air cargo demand ahead

The International Air Transport Association (IATA) forecasts a promising 4.5% increase in air cargo demand for the coming year, following a 3.8% decline this year. This optimistic outlook aligns with the International Monetary Fund’s prediction of a 3.5% rise in global trade. Different regions are poised for varied growth, with notable increases anticipated in the Middle East (12.3%) and Latin America (7.7%). 📊

Senior macro economist at IATA attributes this expected growth to a rebound from a low base in the last two years, particularly in 2023. Cargo revenues are projected to decline by 17.3% to $111.4bn in 2024, impacted by falling yields due to expanding belly capacity and a stagnant trade environment. However, revenues are still anticipated to be 11% higher than pre-pandemic levels in 2019, underscoring the sector’s resilience.

Overall, air cargo’s share of total airline revenues in 2024 is expected to align closely with 2019 levels, reflecting a steady recovery and the enduring significance of the air cargo sector. 🛫

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