Global air cargo tonnages decline by 5% in 2023: WorldACD

Global air cargo is yet to see any significant uplift from the recent disruptions to container shipping in the Red Sea, according to the latest figures from WorldACD Market Data. “There is likely to be some conversion of sea freight to air freight in the coming weeks if the disruptions continue,” the update added. Preliminary figures for the final week of 2023 indicate that tonnages in December were five percent above their level in December 2022, with the final two weeks of the year also showing a five percent increase compared with last year, in line with the year-on-year (YoY) improvement recorded across last month. “Those figures confirm what WorldACD predicted last week that the fourth quarter (Q4) was the only quarter in 2023 showing positive growth (three percent) in tonnages compared to last year, following significant but gradually diminishing YoY declines in the first three quarters (Q1: -11 percent; Q2: -8 percent; Q3: -3 percent). Whereas the first half of 2023 saw tonnages decline nine percent YoY, the second half was characterised by an improving YoY performance for each consecutive month, closing with flat H2 compared to last year. This means that global tonnages for the full year 2023 ended up five percent lower than in 2022.”