IATA says global cargo revenue to be $191bn in 2022

 Cargo revenue is expected to account for $191 billion of industry revenue in 2022, according to the latest projections by the International Air Transport Association (IATA). "That is down slightly from the estimated $204 billion in 2021 but nearly double the $100 billion achieved in 2019," IATA said in its report. Overall, the industry is expected to carry over 68 million tonnes of cargo in 2022, which is a record high. As the trading environment softens slightly, cargo yields are expected to fall 10.4 percent compared with 2021. That only partially reverses the yield increases of 52.5% in 2020 and 24.2 percent in 2021, the report added.

"Air cargo stood out as a lifeline for vaccines, supply chains, and airline revenues throughout the Covid-19 crisis," says Willie Walsh, Director General, IATA. "And it has grown to be an even more vital contributor to revenues." Losses will be cut to $9.7 billion this year and profitability is on the horizon for 2023, Walsh added. "It is a time for optimism, even if there are still challenges on costs, particularly fuel, and some lingering restrictions in a few key markets."

IATA is holding its 78th annual general meeting and the World Air Transport Summit in Doha, Qatar from 19-21 June, 2022, hosted by Qatar Airways. Around 1,000 aviation leaders from IATA member-airlines, governments, industry stakeholders and strategic partners are likely to attend the event. Efficiency gains and improving yields are helping airlines reduce losses even with rising labour and fuel costs (the latter driven by a +40 percent increase in the world oil price and a widening crack spread this year), the report said.

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