Air cargo revenues look moderate in 2023, at around US$150 billion, reflecting both weaker volumes and yields.

Air cargo's share of total revenues will therefore decline further, to around 20%.

While this rebalancing of airline revenues was to be expected, it is worth noting that cargo revenues in 2023 will still be around 50% higher than the level seen in 2019, highlighting the important role played by the cargo sector in the post-pandemic industry and economic recovery.

IATA adds that air cargo played a critical role during the pandemic in ensuring that vital vaccines could be made available globally and ensuring that businesses and economic activity continued to function despite the extraordinary circumstances.

In addition, cargo became an increasingly important source of revenue for many airlines during the COVID crisis, peaking at 40% of total airline revenue in 2021, up from 10-15% in the pre-pandemic period.

This significant development reflects a combination of limited passenger air traffic, a strong increase in cargo volumes and higher yields in recent years.

As the world and the air transport industry recover from the crisis, a normalization of activity is expected to be underway.

Passenger markets are recovering strongly as more routes open while cargo volumes have started to decline in 2022 from their recent highs amid weaker global economic growth and geopolitical tensions.

Total airline revenues are expected to reach around 87% of the 2019 level in 2022, up from 60% last year. With cargo revenues likely to remain virtually unchanged this year, their share of total revenues will fall back to around 28%.

Translated by: A.M