2024-2043年世界航空货运预测报告

WORLDAIRCARGOFORECAST

2024-2043

FORECAST

Contents

Foreword 1

Executivesummary 2

Aircargoindustryoverview

3

Inter-regional

EastAsia-NorthAmerica

7

EastAsia-Europe

8

Europe-NorthAmerica

9

LatinAmerica-NorthAmerica

10

LatinAmerica-Europe 1

1

Africa-EastAsia

1

2

Africa-Europe

1

3

SouthAsia-EastAsia 1

4

SouthAsia-Europe 1

5

Regional

NorthAmerica 1

6

Intra-EastAsiaandOceania 1

7

DomesticChina 1

8

Intra-Europe

19

DomesticIndia

20

Freighterfleetforecast

21

Methodologyandsourcing 23

Glossary 24

Appendix 25

WorldAirCargoForecast2024-2043

Foreword

TheWorldAirCargoForecast(WACF)istheBoeingCompany’sbiennialoverviewandlong-termoutlookfortheaircargoindustry.Itsummarizestheworld’smajorairtrademarkets,identifiesindustrytrends,andpresentsforecastsforfuturedevelopmentofmarketsandtheglobalfreighterfleet.Thisdocumentprovidesourcustomers,stakeholdersandindustrywithvaluableinformationthatinformsdecision-makingforthefutureofair

cargoandglobaltrade.

Aspecialthankyoutocontributors:

SharonFelix

GreggGildemannTomHoang

CalvinJin

DiegoRodriguezWendySowers

AaronTayler

DianeTchakirides

ThenextWACFwillbepublishedinthefourthquarterof2026.Feedbackwelcome:

BoeingAirCargoMarketAnalysis

BoeingCommercialAirplanesP.O.Box3703,MC9U7-12

Seattle,WA98124

USA

/wacfWACFFocal:CalvinJin

FreighterFleetForecastFocal:AaronTayler

1

WorldAirCargoForecast2024-2043

ExecutiveSummary

QuickStats

4.0%

Annualaircargotrafficgrowth"through2043

>50%

Long-termfreighter

shareofaircargotraffic

25%

Expresscarrier

trafficsharein2043

3,900

Globalfreighterfleetin2043

1,005

productionfreighter

deliveriesthrough2043

1,840

convertedfreighter

redeliveriesthrough2043

*Note:Long-termCompoundAnnualGrowthRates(CAGRs)maychangeacrossWACFeditionsduetobaseyearvolatility

AirCargoTrafficForecastbyFlow

2023trafficAddedtrafficthru2043

4.0%

2.6%

2.8%

5.3%

5.5%

2.7%

2.9%

5.7%

3.5%

7.0%

3.9%

2.3%

7.0%

CAGR

2024-2043

4.2%

EAsia&NAmerica EAsia&EuropeEurope&NAmericaNAmerica

Intra-EAsia&Oceania DomesticChinaLAmerica&NAmerica LAmerica&EuropeAfrica&EAsia

Africa&EuropeSAsia&EAsiaSAsia&EuropeIntra-Europe

DomesticIndia

050100150

Traffic(billionCargoTonne-Kilometers)

WorldAirCargoForecast2024-20432

AirCargoIndustryOverview

18%Expresscarriershareoftraffic,20232.6%Historicalairtradegrowth,2003-232.1xVolumesin2043vs.2023

Aircargoplaysauniqueroleinglobaltradeduetoitsunparalleledreliability,speed,andsecurity.Nearly99%ofworldtradeconsistsoflow-valuebulkcommoditiestransportedviaoceanfreight

suchasoil,metalores,andgrains.Thoughlessthan1%of

tradevolumesaretransportedviaair,airfreightcommoditiestendtobeperishable,high-value,ortime-sensitivegoodswhich

collectivelygeneratearound35%ofworldtradevalue.

Thetwomaintypesofaircargohavebeenexpressandgeneral.Inrecentyears,e-commercehasemergedasasignificantthird,oftenoverlappingtheothertwo.

Thereareseveraldistinctairlinebusinessmodelsforaircargo:

•Belly-onlyoperatorsprovideaircargocapabilityusingexistingpassengernetworksandfleets

•All-cargooperatorsofferdedicatedmain-deckfreightercapabilityforgeneralfreight,charteroperations,andspecialoroutsizecargoneeds

•Combinationcarriersusebothdedicatedmain-deckfreightersaswellasthebellycapacityofpassengeraircrafttoserveabroadnetworkanddiversemarkets

•Expresscarriersoperatemain-deckfreighterfleetsofall

sizestoprovidetime-definiteservicesfromfirst-milepickuptolast-miledelivery,aswellasgeneralaircargocapability

Generalcargocarriers

•82%ofglobalaircargotraffic

•Capacityissoldtofreightforwarders

•Responsibleformovingfreightfromairporttoairport

•Usuallymovelarger,bulkyshipments(morethan70kg)

Expresscarriers

•18%ofglobalaircargotraffic

•Includesfirst-milepickupandlast-miledelivery

•Totalcontroloflogisticsflowfromshippertoconsignee

•Optimizedairnetworkaroundmainandregionalhubs

•Extensivegroundnetwork

•Usuallymovedocumentsandsmallpackages

WorldAirCargoForecast2024-20433

AirCargoIndustryOverview

Freightersareessentialtotheglobalaircargomarket.Thoughwidebodypassengerairplanesofferamplelowerholdcargocapacityontheworld’smajorcargoflows,approximately54%ofglobalaircargotrafficmeasuredinCargoTonne-Kilometers(CTKs)hashistoricallybeentransportedby

main-deckfreighters.Consequently,airlinesoperatingfreightersgenerated90%oftotalaircargoindustryrevenuesin2023.

Freighter/LowerHoldShareofAirCargoTraffic

Traffic(billionCTKs)

300

250

200

150

100

50

0

20002005201020152020

80%70%60%50%40%30%20%10%0%

FreighterCTKLowerHoldCTKFreightershare

Keyreasonswhyfreightersarepreferredinaircargomarketsinclude:

•Mostpassengernetworksdonotservekeyaircargohubs

•Widebodypassengerschedulesoftendonotmeetshippertimingneeds

•Hazardousandoutsizecargocannotbetransportedinthelowerholdsofpassengeraircraft

•Payload-rangeconsiderationsonpassengerairplanesmaylimitcargocarriage

TheCOVID-19pandemicunderscoredthecriticalroleoffreighteraircraftinglobaltrade.Approximately60-70%ofaircargotrafficbetween2020and2023wascarriedbyfreightersduetothesignificantreductionin

passengerflights.

AirCargoIndustryRevenuesbyAirlineBusinessModel

Airlineswithfreightersgenerate90%ofindustryrevenues

Passenger

BellyOnly

10%

All-Cargo

Carrier

10%

Express48%

Combination

Carrier

32%

2023

$144Billion

90%

WorldAirCargoForecast2024-20434

AirCargoIndustryOverview

Theaircargomarketfacedsignificantchallengesinearly2023duetoglobal

economicuncertainty—butexperiencedastrongrecoveryinthelatterhalfoftheyear,drivenbyasurgeindemandforChinesee-commercegoods,whichcontinuesin2024.Whilethepastyearhighlightsshort-termvolatility,theindustryhasdemonstratedlong-termresilience.Despitemultipledownturns,the

industryhasgrownatanaverageof2.6%peryearoverthelast20years.

WorldAirCargoMarketResilience

GlobalCTKs,Indexed2000=100

300

250

200

150

100

50

0

U.S.-China

traderelations;

COVID

Wars;

highinflation

Global

financial

crisis

Chinese

stockcrash

Eurozonecrisis

9/11

OurforecastfortheglobalaircargoindustryisprimarilydrivenbytheprojectedgrowthofglobalrealGDP,whichisexpectedtoincrease2.6%annuallyover

thenext20years.SouthAsia,China,SoutheastAsia,andAfricawillleadthisgrowthastheireconomiescontinuetodevelopandmature.Globaltradeandindustrialproduction,alsodriversofaircargo,areprojectedtogrow2.9%

and2.2%annuallyoverthesameperiod.

Anothersignificantfactorcontributingtofutureaircargogrowthissupply

chaindiversification.TheriseofgeopoliticalriskandtheCOVID-19pandemicexposedthevulnerabilitiesofsingle-sourcesupplychains,includinglabor,

shipping,andmanufacturingconstraints.Inresponse,manufacturershavebegundiversifyingtheiroperationsandsupplychainstootherpartsofAsia.SoutheastAsiancountries,forexample,havesignificantlyincreasedtheirindustrialcapabilitiesandglobalairexportssince2017asaresultofthese

shifts.Increasingly,multi-nodesupplychainswilldependonaircargoforreliableandtimelyconnectivityacrossdifferentstagesofthemanufacturingprocess.

Growthofe-commerceandexpressnetworkswillprovideafurtherboosttoaircargodemand.Theentryofnewe-commercemarketplayerssignificantlyacceleratedaircargogrowthinthelatterhalfof2023andinto2024,underscoringtheimportanceofaircargo’sunmatchedspeedtoservethedigitaleconomy.Globale-commercerevenuesareforecasttorisearound9%peryearthrough2029,withthefastestgrowthintheemergingmarketsofSouthAsiaand

SoutheastAsia.Aircargonetworkswillplayanessentialroleinthisexpansion.

WorldAirCargoForecast2024-20435

AirCargoIndustryOverview

Basedonthesefactors,weforecastthatglobalaircargotraffic,measuredinCTKs,willaverage4.0%annualgrowthfrom2024to2043.Witha2019baseyear,thisCompoundAnnualGrowthRate(CAGR)is3.4%.

Expresscarriers,whichaccountedfor18%oftotalindustrytrafficin2023,areexpectedtogrowatanaverageannualrateof5.8%.Duetotheirgreaterflexibilityinhandlingexpresscargo,generalcargoaswellase-commerce,thesecarriersareanticipatedtooutpaceoverallindustrygrowthandincreasetheirmarketshareto25%by2043.However,othertypesofcarrierswillremainessentialtoe-commercetransport,particularlyase-commerceshipmentsbecomedenserovertime.

GlobalForecast

IndustrytotalIndustrybycarriersegment

800800

600

Traffic(billionCTKs)

400

200

0

4.0%CAGR

20232043

World

baselowhigh

600

Traffic(billionCTKs)

400

200

0

5.8%CAGR

25%

18%

75%

3.6%CAGR

82%

20232043

World

GeneralExpress

CAGR:CompoundAnnualGrowthRate

WorldAirCargoForecast2024-20436

EastAsia-NorthAmerica

21%Shareofglobaltraffic,2023

Seoul

1.1%Historicalairtradegrowth,2013-232.3xVolumesin2043vs.2023

EastAsia-NorthAmericaisthelargestaircargomarketintheworld,asmeasuredbyCTKs.BecauseofthehighindustrialoutputofEastAsia—especiallyinadvancedtechnology—andthelargeconsumermarketofNorthAmerica,airtradetendstobeimbalancedwithnearlytwiceasmuchcargoflyingeastboundtoNorthAmericacomparedtowestbound.

Airtradeonthisflowisheavilyconcentrated.TheUnitedStatesaccountsfornearly90%ofNorth

AmericantradewithEastAsia,whileChinaisthelargestEastAsianairtradepartnerofNorthAmericawitha55%shareofNorthAmericanairimportsand37%shareofexports.Asaresult,theoveralltranspacificmarkettendstobehighlydependentonrelationsbetweenthetwolargeeconomies.Risksposedbygeopoliticaltensionsandpandemic-eradisruptionshavepromptedcompaniestodiversifytheir

supplychainsbeyondChinatoVietnam,Thailand,andMalaysia,raisingthosecountries’collectiveshareofNorthAmericanimportsfrom10%in2017to17%in2023.

Supplychaindiversification,risingeconomiesinSoutheastAsia,andgrowthofe-commerceonbothsidesofthePacificareexpectedtodriveairtradegrowth.Thoughthechallengeofdirectionalityis

expectedtoremaininthefuture,volumesinthetotalmarketareprojectedtomorethandoubleby2043.

26%26%

16%8%

7%

16%

23%19%

13%

12%

HISTORICALCOMMODITIES,2023

Volumes(milliontonnes)

6

4

2

0

201320152017201920212023

Technology&ProfessionalEquipment

EAsiato

NAmerica

Machinery&ElectricalEquipmentDocuments&SmallPackages Textiles,Leather&ApparelChemicalProducts

Other

NAmerica

toEAsia

Machinery&ElectricalEquipmentChemicalProductsPerishables

Documents&SmallPackages

Technology&ProfessionalEquipmentOther

EAsiatoNAmericaTotal

NAmericatoEAsia

11%

mm22%

Barlength:volumesintonnes,2023;Percentages:commodityshareofdirectionalflow

FORECAST

8

Volumes(milliontonnes)

6

4

2

0

4.5%CAGR

3.5%CAGR

20232043EAsiatoNAmerica

20232043NAmericatoEAsia

baselowhigh

CAGR:CompoundAnnualGrowthRate

DRIVERS

•Growingeconomiesandconsumerdemand

•SupplychaindiversificationbolsteringindustrialcapabilitiesofSoutheastAsia

•IncreasingtradecooperationacrossthePacific

•Developinge-commercemarkets

RISKS

•Geopoliticaltensions

•Supplychaindisruptionsandnear-shoringtoNorthAmerica

•DemographictransitionsinNortheastAsiancountries

•Weathereventsandclimatethreats

WorldAirCargoForecast2024-20437

EastAsia-Europe

18%Shareofglobaltraffic,2023

HongKong

1.9%Historicalairtradegrowth,2013-232.2xVolumesin2043vs.2023

EastAsia-Europeistheworld’ssecond-largestaircargomarket,asmeasuredbyCTKs.

Freightercapacitybetweenthetworegionsnearlydoubledoverthepasttwoyearsduetopassenger

bellycapacityreductionsfollowingescalationoftheRusso-UkrainianWarin2022.CapacityremainselevatedbecauseofsupplychaindisruptionsrelatedtotheRedSeacrisisandhighdemandfor

Chinesee-commerce.

Unlikethedirectionalityontranspacificflows,volumesonthistradelanearefairlybalanced.TheEast

Asia-to-Europedirectionisdominatedbyconsumergoods,whereasEurope-to-EastAsiaisdrivenby

manufacturingandindustrialgoods.However,Europeanexportsofconsumergoods,luxuryitems,and

perishableshaveincreasedinrecentyearsasEastAsia’smiddleclassandconsumerbasecontinuetogrow.Sixth-Freedomcarrierscentrallylocatedonthistradelanehaverisentoprominenceinrecentyears.

Theirabilitytolinkthetworegionsandbeyondbyefficientlyconnectingcargothroughtheirhubshasallowedthemtocapturemarketshareandleadindustrygrowth,particularlygiventheRussiaoverflightrestrictionsfacedbymanyothercarriers.

Strongeconomicfundamentalsandexpandinge-commercemarketsonbothsidesofthistradelanewilldriveaircargogrowthataround4.0%peryearoverthenext20years.

FORECAST

8

Volumes(milliontonnes)

6

4

2

0

.

4.2%CAGR

3.8%CAGR

20232043EAsiatoEurope

20232043EuropetoEAsia

baselowhigh

CAGR:CompoundAnnualGrowthRate

COMMODITIES,2023

EAsiatoEurope

Machinery&ElectricalEquipment

Technology&ProfessionalEquipmentTextiles,Leather&ApparelChemicalProducts

PerishablesOther

EuropetoEAsia

Machinery&ElectricalEquipmentPerishables

ChemicalProductsTechnology&ProfessionalEquipment

Textiles,Leather&ApparelOther

HISTORICAL

Volumes(milliontonnes)

6

4

2

0

201320152017201920212023

Barlength:volumesintonnes,2023;Percentages:commodityshareofdirectionalflow

EAsiatoEuropeEuropetoEAsia一Total

WorldAirCargoForecast2024-2043

43%

20%10%

8%4%

14%

34%

17%16%m9%

m7%

17%

DRIVERS

•RisingmiddleclassinEastAsia

•ExpandingeconomiesinEuropeandEastAsia

•Strongcross-bordere-commercegrowth

•Freetradeagreementsandinter-regionalpartnerships

RISKS

•Regionalconflictsandgeopoliticaltensions

•WeakeconomicgrowthinmajorEuropeaneconomies

•Risingnationalism

•Increasedtradetariffs

8

Europe-NorthAmerica

11%Shareofglobaltraffic,2023

Frankfurt

2.5%Historicalairtradegrowth,2013-231.7xVolumesin2043vs.2023

AirtradebetweenEuropeandNorthAmericahasbeenvolatileinrecentyearsduetotheeffectsof

COVID-19,highinflation,andslowingoftheglobaleconomy.However,long-termgrowthhasremainedpositive.Althoughthe300to600dailywidebodypassengerflightseachwayacrosstheNorthAtlantic(dependingonseason)providemorethanenoughlowerholdcapacitytofulfillallaircargodemand,

regulations,specialcargorequirements,andlogisticsinfrastructureoftenlimittheuseofthiscapacity.

Asaresult,dedicatedfreighterscontinuetotransportover40%ofcargotrafficbetweenthetworegions.Germany,theUK,Italy,France,andtheNetherlandswerethetopfiveEuropeanairtradepartnersofNorthAmericain2023,togetheraccountingforover60%ofthemarket.Atthesametime,theUnitedStatescontributedover90%ofNorthAmericanaircargovolumestradedwithEurope.CountriesinEasternEuropeandtheBalkanshavesteadilybeenincreasingtheirshareoverthelastdecadesastheireconomiesandindustrialcapabilitieshavegrown.

OurforecasttakesbaselineGrossDomesticProduct(GDP)growthof1.4%peryearinEuropeand

1.8%peryearinNorthAmericaasthebroadest-baseddriverofairtradebetweentheselargereconomies.Ongoingeffortstostrengthenhigh-techindustrialproductiononbothsidesoftheAtlantic,aswellasgrowthinCentralandEasternEurope,willboostfutureaircargogrowthfasterthanhistoricaltrend.

FORECAST

Volumes(milliontonnes)

5

4

3

2

1

0

2.8%CAGR

2.4%CAGR

20232043EuropetoNAmerica

20232043NAmericatoEurope

baselowhigh

CAGR:CompoundAnnualGrowthRate

Europeto

NAmerica

Machinery&ElectricalEquipmentChemicalProducts

Documents&SmallPackagesPerishables

Technology&ProfessionalEquipmentOther

NAmericato

Europe

Machinery&ElectricalEquipmentChemicalProducts

Technology&ProfessionalEquipmentDocuments&SmallPackagesMetalProducts

Other

14%

12%10%9%

23%20%12%

12%8%

25%

HISTORICALCOMMODITIES,2023

Volumes(milliontonnes)

5

4

3

2

1

0

201320152017201920212023

EuropetoNAmericaTotal

NAmericatoEurope

Barlength:volumesintonnes,2023;Percentages:commodityshareofdirectionalflow

WorldAirCargoForecast2024-2043

27%

27%

DRIVERS

•Advancedeconomiesandgrowingemergingeconomies

•FurtherderegulationofEuropeantrade

•EuropeanUnionexpanding

•Servicesgrowthboostingconsumergrowth

RISKS

•Geopoliticalconflictsimpactingsupplychainsandenergyprices

•RedirectionofcapitalinvestmentstowardAsia

•Tradetensions,tariffs,andrestrictions

•Riseofnationalismhamperingregionalcooperation

9

LatinAmerica-NorthAmerica

4%Shareofglobaltraffic,2023

MexicoCity

1.6%Historicalairtradegrowth,2013-231.7xVolumesin2043vs.2023

Despiteglobalvolatility,airtradebetweenLatinAmericaandNorthAmericaremainsrobust,driven

bystrongeconomicties,growingcommodityflows,andgeographicproximity.In2023,around65%

offreightercapacitybetweentheseregionspassedthroughMiami,underscoringthecity’skeyrole.

Overthepast20years,Colombia,Chile,andEcuadorhavemorethandoubledtheirexportstothe

U.S.,largelydrivenbytheresilienceofperishablesasessentialcommodities.Nicaraguanowexportsthreetimesthevolumeitdidin2003,withshipmentsprimarilyconsistingofperishablesandagrowingshareofelectricalequipment.MexicoandBrazil,thelargestLatinAmericaneconomieswithstrong

tiestoNorthAmerica,accountedforover40%ofallLatinAmericanairexportstoNorthAmericabyvalue.However,bytonnage,Colombia,Chile,andEcuadorrepresentedaround65%ofexportstoNorthAmerica,reflectingtheirdominanceinlower-valuecommoditieslikeperishablesandflowers.

Ourforecastanticipatesacceleratedgrowthofairtradebetweentheseregionsoverthenext

20years.PoliciesliketheUnitedStates-Mexico-CanadaAgreementwilllowertradebarriersandfosterincreasedvolumes.Airtradewillbefurtherstimulatedbyexpandingconsumereconomies,risinge-commerce,andU.S.effortstonearshoremanufacturingtoLatinAmericancountries.

LAmericato

NAmerica

Perishables

Machinery&ElectricalEquipmentBeverages&Oils

Technology&ProfessionalEquipmentTextiles,Leather&ApparelOther

NAmericato

LAmerica

Machinery&ElectricalEquipmentChemicalProducts

Technology&ProfessionalEquipmentTransportationEquipmentMetalProducts

Other

72%

8% 6%3%3%

8%

35%18%15%

7%

6%18%

HISTORICALCOMMODITIES,2023

Volumes(milliontonnes)

2.0

1.5—/

1.0

0.5

0.0201320152017201920212023

LAmericatoNAmericaTotal

NAmericatoLAmerica

Barlength:volumesintonnes,2023;Percentages:commodityshareofdirectionalflow

FORECAST

3

Volumes(milliontonnes)

2

1

0

●

2.4%CAGR

3.5%CAGR

20232043

LAmericatoNAmerica

20232043

NAmericatoLAmerica

baselowhigh

CAGR:CompoundAnnualGrowthRate

DRIVERS

•Strongeconomictiesandtradeagreements

•Proximityandgrowingregionalcooperation

•Resilienceofperishablesasessentialtime-sensitivecargo

•Robuste-commerceandconsumergoodsdemand

RISKS

•Geopoliticalvolatilityandtradetensions

•Economicslowdownsinkeymarkets

•Capacityconstraintsandinfrastructurechallenges

•Increasedregulatoryburdensandcompliancecosts

WorldAirCargoForecast2024-204310

LatinAmerica-Europe

4%Shareofglobaltraffic,2023

SaoPaulo

1.3%Historicalairtradegrowth,2013-231.8xVolumesin2043vs.2023

AirtradebetweenLatinAmericaandEuropeissupportedbystrongtraderelationshipsanddiverse

commodityexchanges,resultinginrelativelybalancedaircargovolumesineachdirection.RoutingsthroughMiamiandWestAfricalinkthesetwodistantmarketsandallowoperatorstoefficientlybuildloads

alongtheway.

Spain,Germany,andtheNetherlandsaccountforover60%oftotaltradetonnagefromEurope,

whileMexicoandBrazilrepresentover50%ontheLatinAmericanside.Emergingeconomiessuch

asParaguay,Uruguay,andPeruareamongthefastest-growing.Thesethreecountrieshaveexpandedexportsoffruitsandvegetables,whichrelyonaircargotomeetfreshnessandqualityrequirements,aswellastextiles.Paraguayhasalsoincreaseditsexportofspirits,particularlyrum,whichenjoys

strongdemandinEurope.

ExpandingconsumermarketsinLatinAmericawilldrivefutureaircargodemandbetweentheseregions.Strategicpartnerships,technologicaladvancements,andevolvingtradepoliciessuchastheEU-Mercosurtradeagreementwillfurtherfosterairtradegrowth.

Europeto

LatinAmerica

Machinery&ElectricalEquipment ChemicalProducts PerishablesTransportationEquipmentMetalProducts

Other

LatinAmerica

toEurope

PerishablesMachinery&ElectricalEquipment

Technology&ProfessionalEquipment MetalProductsChemicalProductsOther

33%

17%12%9%8%

20%

80%

n5%l4%l4%I3%6%

HISTORICALCOMMODITIES,2023

Volumes(milliontonnes)

1.5

1.0

0.5

0.0

201320152017201920212023

EuropetoLAmericaTotal

LAmericatoEurope

Barlength:volumesintonnes,2023;Percentages:commodityshareofdirectionalflow

FORECAST

1.5

Volumes(milliontonnes)

1.0

0.5

0.0

●

3.1%CAGR

2.6%CAGR

20232043EuropetoLAmerica

20232043LAmericatoEurope

baselowhigh

CAGR:CompoundAnnualGrowthRate

DRIVERS

•Strategicpartnershipsandbilateralagreements

•Developmentofintra-regionallogisticsnetworks

•Increasedtradecollaboration

•Growinge-commerceandconsumermarkets

RISKS

•Economicvolatility

•Riseofnationalismhamperingregionalcooperation

•Insufficientinfrastructureinvestment

•Capacityconstraintsandregulatoryhurdles

WorldAirCargoForecast2024-204311

Africa-EastAsia

2%Shareofglobaltraffic,2023

AddisAbaba

7.2%Historicalairtradegrowth,2013-233.0xVolumesin2043vs.2023

EastAsiaisAfrica’ssecondlargestaircargopartner.IncontrasttotheestablishedAfrica-Europe

market,trafficbetweenAfricaandEastAsiahasgrownrapidlyoverthepastdecade.WhereasEuropeisthemaindestinationforAfricanairexports,EastAsiaistheprimarysourceofimportstothe

continent.MostofthesegoodscomefromChina.TradewithChinagreatlyexpandedandparalleledgrowingChineseinvestmentandengagementacrossAfricainthe21stcentury.

Africaim