Global air passenger traffic saw a remarkable increase of nearly 37% in 2023 compared to the previous year. Total revenue passenger kilometers (RPK) for 2023 reached 94.1% of the pre-pandemic levels of 2019, signaling a strong recovery in the industry. Domestic air travel has fully rebounded, with RPKs exceeding 2019 levels by 3.9%. However, international passenger traffic is still catching up, with RPKs at 88.6% of 2019 levels.
The air cargo market has experienced a contrasting trend. After a robust period in 2020 and 2021, cargo demand declined in 2022 and 2023. Nonetheless, the latter part of 2023 showed signs of recovery, supported by growing cross-border trade and increased industrial production, a trend that continues into 2024.
The general economic outlook plays a crucial role in the airline industry’s health. Despite inflationary pressures and high interest rates, which could impact operating costs and capital acquisition, air passenger traffic is expected to continue its upward trajectory in 2024. The air cargo market is also poised for renewed growth.
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