Global demand, measured in cargo tonne-kilometers (CTKs*), fell 14.9% compared to January 2022 (-16.2% for international operations).

Capacity (measured in available cargo tonne-kilometers, ACTK) was up 3.9% compared to January 2022. This was the first year-on-year growth in capacity since October 2022. International cargo capacity increased 1.4% compared to January 2022. The uptick in ACTKs reflects the strong recovery of belly capacity in passenger airline markets offsetting a decline international capacity offered by dedicated freighters.

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