Rachel Yuting Fan, Senior macro economist, IATA, “Air cargo has been decreasing for the past two years in the Middle East, especially this year when it declined by 3.8 per cent, so the growth for is forecast to increase by 12.3 per cent in the New Year.” IATA is expecting cargo revenues to fall by 17.3 per cent year over year in 2024 to US$111.4 billion. The revenue decline is based on yields continuing to fall in 2024 by 20.9 per cent, driven by the continued growth of belly capacity related to strong growth on the passenger side of the business and trade stagnation. However, yields will remain high by historical standards, IATA said. Cargo’s share of total airline revenues are expected to go up to 13 per cent next year, roughly in line with the 12 per cent recorded in 2019.
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