Cargo demand and outlook for 2024

More than a third of global air cargo touches the Asia Pacific, with the sector holding greater importance for local carriers than those in other regions. During COVID-19, Asia Pacific carriers turned to cargo as a much-needed lifeline, supported by the rapidly developing eCommerce sector and temporary shifts in consumer demands. However, the uptick has only been temporary. Air cargo demand has waned through the latter part of 2022 and into the first half of 2023. As capacity has returned to more normal levels, yields are returning towards long-term averages.

• How is the Asia Pacific cargo sector managing the recent cargo downturn?

• With China’s economic engine continuing to gather speed, supply chains being reknitted and economic headwinds expected to ease in the second half of 2023, what is the outlook for the Asia Pacific air cargo market?

• What are the long-term changes that COVID-19 brought to the regional cargo sector? What are the short-term trends that are expected to disappear?