Air cargo
Air cargo volumes out of Asia- Pacific spiked 21 % in May , while spot rates rose 12 %. Sorbis / Shutterstock . com air cargo volume is expected to reach 62 million metric tons in 2024 , and the 4.96 billion passengers forecast to travel through the year will also be a record high .
However , IATA noted that air cargo is continuing to correct following the exceptional pandemic year of 2021 . Key metrics are moving from the extraordinary mid-pandemic situation toward a continuation of pre-pandemic trends and levels , including yields , capacity growth , and the belly cargo-freighter capacity split .
Despite the strength of demand , cargo yields are expected to fall 17.5 % in 2024 with significant belly capacity entering the market with the recovery of passenger travel . Cargo revenue is expected to fall to $ 120 billion in 2024 , down from $ 138 billion in 2023 , although an improvement on the previous forecast of $ 111 billion announced in December .
email : greg . knowler @ spglobal . com
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