IATA statistics show that air cargo demand surged in December last year, but it was not enough to push overall figures for the year into positive territory.
The figures also show that air cargo tonne kms (CTK) for December were up 10.8 per cent year, but CTKs for the whole year were down 1.9 per cent on 2022 levels and 3.6 per cent behind 2019.
The airline association described December's performance as "exceptionally strong" and said that it was the strongest annual growth performance over the past two years, reports London's Air Cargo News.
It said there was a modest improvement in demand and yields in December due to a modal shift as a result of the Red Sea crisis' impact on container shipping.
Willie Walsh, IATA director general, said: "The recent disruption to maritime routes in the Red Sea has seen some shippers pivot to air cargo. The increased demand saw a spike in air cargo yields on related trade lanes.
"A similar spike is expected in January as disruptions intensified. While not all cargo is suitable for air transport, it is a vital option for some of the most urgent shipments in extraordinary circumstances. And that is critical to the continuity of the global economy."
This year, IATA is expecting air cargo demand to improve by 4.5 per cent.
"Despite political and economic challenges, 2023 saw air cargo markets regain ground lost in 2022 after the extraordinary Covid peak in 2021," said Mr Walsh.
"Although full-year demand was shy of pre-Covid levels by 3.6 per cent, the significant strengthening in the last quarter is a sign that markets are stabilizing towards more normal demand patterns.
"That puts the industry on very solid ground for success in 2024. But with continued, and in some cases intensifying, instability in geopolitics and economic forces, little should be taken for granted in the months ahead."
Source: shippingazette