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News 2023

November 2023 IATA Air Freight Market Analysis 
Published January 9. IATA Economic Reports.

Impressive air cargo demand 


  • Global air cargo demand registered an impressive 8.3% year-on-year (YoY) growth in November – the highest annual growth of air cargo tonne-kilometers (CTKs) in roughly two years. At this point, industry CTKs lag 2019 levels by 2.5%.
  • International CTKs expanded YoY both globally (+8.1%) as well as across all major trade lanes except intraEurope. The annual growth is headed by routes involving Middle East and Asia.
  • Available cargo tonne-kilometers (ACTKs), which measure global air cargo capacity, maintained levels above 2019 for the past seven months. The continued expansion of international passenger belly capacity contributed to an ACTK upsurge of 13.7% YoY in November.
  • The expansion in global air cargo traffic is accompanied by a small uptick in load factors (month-on-month) and supported by steady global trade figures, easing inflation across most major economies, decreasing jet fuel prices, and increasing air freight yields.

African airline capacity up 3.9% MoM and 14% YoY

African airlines saw their air cargo volumes increase by 3.9% in November 2023, slightly improved compared to October’s +2.9% growth performance. Capacity was 14.0% above November 2022 levels. The Africa–Asia trade lane market saw the greatest annual growth of 13%, although slightly decelerated compared to the previous month.

November exhibits continued growth in air cargo demand

Global air cargo demand registered 22.4 billion CTKs in November. This represents a 8.3% increase on a YoY basis – the highest annual growth since December 2021. While this performance can partially be attributed to a base effect (referring to the declining CTKs throughout most of 2022), it is also a reflection of the strong, continuous YoY demand growth over the past four months. Despite this remarkable increase, the industry's performance remains 2.5% below pre-pandemic levels. Download the full report...