IATA has raised its 2024 outlook for airlines’ cargo revenues to $120bn from $111bn, with cargo volumes expected to grow by 5%, up from 4.5%. Year-to-date figures show a 12.7% increase in cargo tonne kilometers (CTKs) through April. IATA adjusted its forecasted cargo yield drop from 20.9% to 17.5%, driven by e-commerce demand and the Red Sea crisis. Despite the improved outlook, 2024 performance remains below 2023 levels as the market normalizes post-Covid. Global airlines' net profit for 2024 is now forecasted at $30.5bn, up from an estimated $27.4bn in 2023.
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