The outlook for air cargo demand in 2024 remains uncertain, with industry experts offering a range of projections from flat growth to moderate increases. While there is some optimism that demand could recover from its current slump, ongoing economic and geopolitical uncertainties cloud the picture.

At the Tiaca Executive Summit event, Rogier Blocq of data provider WorldACD expressed cautious optimism, citing historical data that suggests demand could increase in the first and second quarters of 2024. However, Blocq acknowledged that ongoing market uncertainties make it difficult to predict demand with certainty.

Turkish Airlines’ chief cargo officer, Turhan Özen, echoed Blocq’s sentiments, suggesting that demand could pick up by the fourth quarter of 2024. However, he emphasized that geopolitical risks and conflicts could derail this recovery.

Yossi Shoukroun of Challenge Group offered a more pessimistic outlook, anticipating that ongoing global economic and geopolitical challenges could dampen air cargo demand in 2024. Shoukroun expressed concern that reduced passenger services and higher fuel prices could limit cargo capacity.

Marco Tafuro, airfreight director at UPS Europe Region, predicted growth in the latter part of the year, while Geert Aerts of Brussels Airport Company believed recent geopolitical events might delay air cargo’s recovery by a year.

Overall, the outlook for air cargo demand in 2024 remains mixed. While there is some hope for recovery, ongoing uncertainties could temper expectations. The industry will need to navigate these challenges to chart a course for growth in the coming year.

Source: Air Cargo News