Sundaymail Editor
African airlines are expected to post a loss of US$638 million (R11 billion) in 2022, narrowing to a loss of US$213 million in 2023, according to the latest outlook by the International Air Transport Association (IATA).
This year, there was passenger demand growth of 27.4 percent among African airlines, which outpaced capacity growth of 21.9 percent.
IATA expects that in 2023 the African region will serve 86,3 percent of pre-financial crisis demand levels and reach 83,9 percent of pre-financial crisis capacity.
“Africa is particularly exposed to macro-economic headwinds which have increased the vulnerability of several economies and rendered connectivity more complex,” states IATA.
In looking at the air cargo market in Africa, IATA points out this is usually a handy barometer of trade in high-value goods. In October this year, African airlines, which account for 1,9 percent of the global air cargo market, saw cargo volumes decrease by 8,3 percent compared with October 2021. — Fin24
For IATA this was a significant drop from the 0,1 percent growth recorded in September 2022.
Furthermore, cargo capacity shrank to 7,4 percent below October 2021 levels. — Fin24
Online Reporter