2023年第四季度航空运输报告英

Quarterly

AirTransport

Chartbook

IATASustainability&Economics

Q42023

TableofContents

TableofContents 2

Glossary 3

TableofCharts 4

I.TheBusinessCycle 6

II.EnergyTransition 8

ConventionalAviationFuel 8

SustainableAviationFuel 8

III.PassengerandCargoTraffic 10

PassengerTraffic 10

AirConnectivity 12

CargoTraffic 14

IV.AirlineFinancialPerformance 18

Revenue 18

Expenses 18

Capitalmarkets 18

V.RegionalOutlook 20

Africa 20

Americas 22

AsiaPacific 24

Europe 26

MiddleEast 28

VI.Appendix 30

Notetoreaders:TheAirlineFinancialPerformancesectionisincludedintheQuarterlyAirTransportChartbookforQ2andQ4ofeachyear.ItisexcludedfromtheQ1andQ3reportsastheairlinefinancialperformancereviewandforecastarereleasedalongsidetheJuneandDecemberGlobalOutlookreports,respectively.

2

QuarterlyChartbookQ42023

Glossary

ACTKs–AvailableCargoTonne-Kilometers

ASKs–AvailableSeat-Kilometers

ATJ–Alcohol-to-Jet

ATKs–AvailableTonne-Kilometers

BBL–Barrel

BLF–BreakevenLoadFactor

CLF–CargoLoadFactor

CORSIA–carbonoffsettingandreductionschemeforinternationalaviation

CTKs–CargoTonne-Kilometers

EBIT–Earningsbeforeinterestandtaxes

FT–Fischer-Tropsch

GDP–GrossDomesticProduct

HEFA-Hydro-processedEstersandFattyAcids

LF–LoadFactor

MoM–Month-on-month

MoUs–Memorandaofunderstanding

OPEC–OrganizationofthePetroleumExportingCountries

O-D–Origin-Destination

PLF–PassengerLoadFactor

PMI–PurchasingManagers'Index

PtL–Power-to-Liquid

–Purchasingpowerparity

ppt-Percentagepoints

RPKs–RevenuePassenger-Kilometers

RTKs–RevenueTonne-Kilometers

SA–Seasonallyadjusted

SAF–SustainableAviationFuel

QoQ–Quarter-on-quarter

USD–UnitedStatesDollar

YoY–Year-on-year

3

QuarterlyChartbookQ42023

TableofCharts

Chart1:Globalgrossdomesticproduct(constantUSD),annual%change 7

Chart2:ContributionfromlargeeconomiestoworldGDPgrowthin% 7

Chart3:Unemployment,totalbycountrygroup,%oftotallaborforce 7

Chart4:Inflationinmajoreconomiesin% 7

Chart5:Globaleconomicpolicyuncertaintyindex 7

Chart6:RealEffectiveExchangeRateIndex,Broad 7

Chart7:Jetfuelprice,USD/bbl 9

Chart8:Jetfuelcrackagainstcrudeoil,USD/bbl 9

Chart9:Quarterlyjetfuelpricesin2023byregion,USD/bbl 9

Chart10:NumberofSAFofftakeagreements,asofDec2023 9

Chart11:Cumulativerenewablefuelcapacityinmilliontonnes 9

Chart12:Totalrenewablefuelcapacityby2029,%sharebypathway 9

Chart13:IndustrymonthlyRPKsinbillions 11

Chart14:IndustrymonthlyASKsinbillions 11

Chart15:Passengerloadfactor,%shareofASK 11

Chart16:DomesticRPKsbycountrymarket,%changeversusthesamequarterin2019 11

Chart17:InternationalRPKsbyairlineregionofregistration,%shareofthesameperiodin2019 11

Chart18:InternationalRPKsbycabinclass,%changevsthesameperiodin2019(Q4) 11

Chart19:IATAGlobalAirConnectivityIndex,Jan2020-Dec2023 13

Chart20:Globalairportpairs,Jan2020-Dec2023 13

Chart21:RecoveryininternationalconnectivitybyregionthroughDec2023 13

Chart22:IndustryquarterlyCTKsinbillions 16

Chart23:InternationalCTKgrowthbyairlineregionofregistration,annual%change 16

Chart24:IndustryquarterlyACTKsinbillions 16

Chart25:Year-to-datequarterlyindustryACTKsinbillions 16

Chart26:GrowthofinternationalACTKsbytype,annual%change 16

Chart27:InternationalACTKsbytypeinbillions 16

Chart28:Cargoloadfactorsinmajorrouteareas,%shareofACTKs 17

Chart29:GlobalmanufacturingPMIsandindustryCTKgrowth,annual%change 17

Chart30:Growthininventory-to-salesratio(invertedontheaxis)andindustryCTKs,annual%change 17

Chart31:GrowthinglobalgoodstradeandindustryCTKs,annual%change 17

Chart32:AirlineindustrynetprofitandEBITmargin 19

Chart33:Regionalairlinesprofitability,USDbillion 19

Chart34:Globalairlinesrevenue,USDbillion 19

Chart35:GlobalAirlinesPriceReturnIndexvsMSCIACWI,Dec19=100 19

Chart36:RelativeRegionalAirlinePriceIndexperformance,Jan23=100 19

Chart37:GrowthinRPKsbyairlineregionofregistration,Africa 21

Chart38:GrowthininternationalRPKsbyairlineregionofregistration,Africa 21

Chart39:GrowthinCTKsbyairlineregionofregistration,Africa 21

Chart40:Ticketsalesbyregion(7-daymovingaverage),Africa 21

Chart41:Passengertraffic(O-D)growthbycountryinQ42023,Africa 21

Chart42:Aircraftdeliveriesin2015-2024(scheduled),Africa 21

Chart43:GrowthinRPKsbyairlineregionofregistration,Americas 23

Chart44:GrowthininternationalRPKsbyairlineregionofregistration,Americas 23

Chart45:GrowthinCTKsbyairlineregionofregistration,Americas 23

Chart46:Ticketsalesbyregion(7-daymovingaverage),Americas 23

Chart47:Passengertraffic(O-D)growthbycountryinQ42023,Americas 23

Chart48:Aircraftdeliveriesin2015-2024(scheduled),Americas 23

Chart49:GrowthinRPKsbyairlineregionofregistration,AsiaPacific 25

Chart50:GrowthininternationalRPKsbyairlineregionofregistration,AsiaPacific 25

Chart51:GrowthinCTKsbyairlineregionofregistration,AsiaPacific 25

Chart52:Ticketsalesbyregion(7-daymovingaverage),AsiaPacific 25

4

QuarterlyChartbookQ42023

Chart53:Passengertraffic(O-D)growthbycountryinQ42023,AsiaPacific 25

Chart54:Aircraftdeliveriesin2015-2024(scheduled),AsiaPacific 25

Chart55:GrowthinRPKsbyairlineregionofregistration,Europe 27

Chart56:GrowthininternationalRPKsbyairlineregionofregistration,Europe 27

Chart57:GrowthinCTKsbyairlineregionofregistration,Europe 27

Chart58:Ticketsalesbyregion(7-daymovingaverage),Europe 27

Chart59:Passengertraffic(O-D)growthbycountryinQ42023,Europe 27

Chart60:Aircraftdeliveriesin2015-2024(scheduled),Europe 27

Chart61:GrowthinRPKsbyairlineregionofregistration,MiddleEast 29

Chart62:GrowthininternationalRPKsbyairlineregionofregistration,MiddleEast 29

Chart63:GrowthinCTKsbyairlineregionofregistration,MiddleEast 29

Chart64:Ticketsalesbyregion(7-daymovingaverage),MiddleEast 29

Chart65:Passengertraffic(O-D)growthbycountryinQ42023,MiddleEast 29

Chart66:Aircraftdeliveriesin2015-2024(scheduled),MiddleEast 29

5

QuarterlyChartbookQ42023

TheBusinessCycle

GlobalGDPgrowthstoodat3.1%in2023andislikelytoremaininthisvicinityalsothisyearandnext.Thisisinlinewiththelong-termaveragegrowthrate,anditisaremarkableoutperformancecomparedtotherecessionforecaststhatdominatedthebusinesscycleconversationlastyear(Chart1).TheUnitedStates(US)inparticularbeatexpectationsin2023,growingby2.5%(annualleveloverfull-year2022).Thiswasanaccelerationfromthe1.9%recordedin2022onthesamebasis.India’sgrowthratealsoexceededexpectationsin2023andrecordedoneofthehighestgrowthratesamonglargereconomies.At6.3%,IndiasurpassedChina’s5%,ashasbeenthecasesince2014.India’sshareofglobalGDP(onapurchasing

powerparitybasis1)isestimatedat7.75%in2024bytheIMF.Thisisofcoursemuchsmallerthanthe19%shareofChinaorthe15.2%oftheUSeconomyonthisbasis.Nevertheless,ifIndiacontinuestogrowatthispace,itsshareintheglobaleconomywillincreaserapidly,anditscontributiontoglobalGDPgrowth

willbecomeevermoreimportant(Chart2)2.Localrecessionsdidoccurthoughin2023,itmustbesaid,affectingGermanyandsomeEasternEuropeancountries,nottomentionArgentinaorSudan,amongothers.

Amajorfactorthathasprotectedtheglobaleconomyagainstrecessionsistheunusuallylowunemploymentratesseenaroundtheworld(Chart3).TheUSstunnedtheworldwithamonthlyjobcreationinJanuary2024of353,000,morethantwicetheanticipatednumber.Theunemploymentratestoodat3.7%andhasbeenatorbelow4%sinceDecember2021.Apossiblehintofforthcomingslowdowninlaborgrowthwasthesmalldeclineintheaverageworkweekandinovertime.TheEUandtheeuroareaunemploymentratesarealsoathistoriclows,at5.9%and6.4%respectivelyinDecember2023.Chinareported5.2%unemploymentin2023thoughyouthunemploymentismuchhigher,at14.9%,usinganewmethodology.India’sjoblessratewas6.6%inJanuary2024,downfrom8.7%inDecember2023.

Withsuchtightlabormarkets,itisalmostsurprisingthatinflationhaseasedasmuchasithas.Nevertheless,withrespecttocentralbanksmostlytargeting2%inflationrates,majoreconomiesarestillsomedistanceaway(Chart4).IntheUS,consumerpriceinflation(CPI)was3.1%year-on-year(YoY)inJanuary2024.While2023wascharacterizedbyrecessionfears,2024seemstobeimbuedwithhopesforimminentinterestratecuts.Suchhopesarelikelytobedashedaslongaslabormarketsremainthistightandinflationthishigh.

Theyearhasthusgloballystartedoffonaratherpositivenote,andthegreatestsourceofturbulencemightcomefromtherecord-breakingnumberofelectionsthatwillbeheldaroundtheworldthisyear.Amajorityoftheworldpopulation,some4.2billionpersons,willvotethisyear,inaround70countries.Withpolarizationrunninghigh,electionresultscangiverisetostarklydifferentpolicies.MuchwillhingeontheUSelectionsinNovember2024,butotherimportantelectionsincludeIndia’sbetweenAprilandMay,andtheEuropeansvotingfortheirEuropeanUnionrepresentativesinJune.Fornow,theglobaleconomicpolicyuncertaintyindexiscertainlybelowitsCovid-19-relatedpeakbutat254itisalsowellaboveitsmorenormallevelascanbeseeninChart5.

InterestratecutexpectationswilllikelyweighontheUSdollar’svalueagainstothercurrencies,unlesselectionsandothersourcesofgeopoliticalstressreigniteitssafe-havenstatus.Ifsuchrisksarecontained,2024couldbeayearofrelativeUSdollarstabilityafteritsstrongrunsince2021,whichwouldarguablybeaboonfortheglobaleconomyandforallsettlingbillsanddebtsinthiscurrency(Chart6).

Purchasingpowerparity(PPP)isabettergaugeforcomparingcountries’performancethancurrentUSDwhichobviouslyreflectsexchangeratefluctuationstoagreaterextent.PPPcomparisonsyieldgreaterweightsforemergingeconomiesintermsofsharesofglobalGDPthancurrentUSD.2ContributionstoworldGDPgrowtharecalculatedbymultiplyingacountry’sGDPgrowthratebyitsshareintheglobaleconomy.

6

QuarterlyChartbookQ42023

Chart1:Globalgrossdomesticproduct(constantUSD),annual%change

Chart2:ContributionfromlargeeconomiestoworldGDPgrowthin%

8

6

4

2

0

-2

-4

percent

10

China

UnitedStates

8

India

EuroArea

RestoftheWorld

WorldGDPGrowthRate

6

4

2

0

-2

-4

1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

Source:IMFWorldEconomicOutlook

Source:IATASustainability&Economics,basedondatafromIMFWorldEconomicOutlook.

Chart3:Unemployment,totalbycountrygroup,%oftotallaborforce

Chart4:Inflationinmajoreconomiesin%

12

20

China

EuroArea

India

Japan

UnitedStates

10

15

8

10

6

World,Advanced

5

4

World,Emerging&Developing

2

0

0

-5

2010

2012

2014

2016

2018

2020

2022

2010

2012

2014

2016

2018

2020

2022

2024

Source:WorldBank,GlobalEconomicMonitor

Source:Macrobond

Chart5:Globaleconomicpolicyuncertaintyindex

Chart6:RealEffectiveExchangeRateIndex,Broad

450

120

400

350

110

300

250

100

200

90

USD

150

EUR

100

80

JPY

CNY

50

0

70

199720002003200620092012201520182021

Jan-2018Jan-2019Jan-2020Jan-2021Jan-2022Jan-2023

Source:FederalReserveBankofSt.Louis

Source:BIS

7

QuarterlyChartbookQ42023

II.EnergyTransition

ConventionalAviationFuel

Amidthecontinuedrecoveryinairtravel,jetfueldemandremainedhighin2023,withtheglobalaveragepriceconsistentlyaboveUSD100perbarrelduringthefourthquarter(Chart7).Geopoliticaltensions,suchasthewarintheMiddleEast,couldimpedesupply,whileOrganizationofthePetroleumExportingCountries(OPEC)’sproductioncurbsputfurtherupwardpressureontheprice.Coupledwithlimitedrefiningcapacity,thejetfuelcrackspreadstayedaroundUSD30perbarrelinQ4.Thisiswellabovepre-pandemiclevels,whenthecrackspreadwasboundedbetweenUSD9-22perbarreloverathree-yearrangefrom2017-2019(Chart8).

SupplyconstraintshavebeenexacerbatedbyattacksontankersintheRedSea,andthishasgeneratedregionaldisparitiesinthejetfuelprice(Chart9).WithEuroperelyingsignificantlyonjetfuelimportsfromEastofSuez(mainlyIndiaandtheArabGulf),itspricelevelalmostcaughtupwiththeAmericasinQ4.Thelatterregionhasseencomparativelyhighpricesasaresultofthecombinationofdisruptedlocalproductionandstrongairtraveldemand.Inthemeantime,asluggishrecoveryindemandforinternationalairtravelinChinaputalidontheregionaljetfuelpriceinAsia,whererefinedproductsarecomparablywellsupplied.

SustainableAviationFuel

Overthecourseofthepasttwoyears,theairlineindustryhassignedatotalof75offtakeagreements(theseareagreementsbetweenaSustainableAviationFuel(SAF)producerandanairlinetopurchaseaquantityoftheproducer’sfutureSAFproduction).Thisincludes53bindingand22non-bindingagreements,thelatterofwhichcoversbothmemorandaofunderstanding(MoUs)andlettersofintent(Chart10).

Outofthetotal75SAFofftakeagreements,64arebasedonbio-SAFsfromfourprimarypathways:Hydro-processedEstersandFattyAcids(HEFA),HEFACo-Processing,SyngasFischer-Tropsch(Syngas-FT),andAlcohol-to-Jet(AtJ).Theremainingelevenagreementsareassociatedwithe-fuelSAF,derivedfromvariousPower-to-Liquid(PtL)projects.HEFAandHEFACo-ProcessingarethemostmatureandcommerciallyviableSAFtechnologiescurrentlyinuse,andtheyaccountforthemajorityofSAFofftakeagreements.

Over160renewablefuelprojectsspanningmorethan110producersin37countrieshavebeenannouncedtodate,whichmadevariouslevelsofcommitmenttoincludingSAFintheirproductslate.Theestimatedglobalrenewablefuelcapacityby2029hasrisenfromaprojected59milliontonnesinQ3to64milliontonnesinQ42023(Chart11).Thereisathreetofive-yearlagbetweenprojectannouncementandcommercialization,andfurthercapacityannouncementsfor2027andbeyondcanbeexpected.

In2029,theHEFApathwayisexpectedtocontributeover82%oftotalSAFproduction,followedbyAtJataround8%(Chart12).Afurther4.2%willlikelycomefromHEFACo-ProcessingaccordingtothelatestQ4projections,withtheremainderfromtheotherpathways.

Thedevelopmentofbiorefiningfacilitiesisbeingacceleratedbythegrowingtrendoffossilrefineriesbeingretrofitted(e.g.,Phillips66announcedtheretrofittingoftheirRodeoplantinSanFrancisco)ordecommissionedandsoldinthesecond-handmarket.Theadvantagewiththeseoptionsisthelowercapitalintensitycomparedtobuildinganewplantfromscratch.Whilemanynewbiorefiningfacilitieswillberequiredtoachievedecarbonizationinaviation,theurgentscalingupofproductioncapacitycanbegreatlyhelpedbyprioritizingtheretrofittingofoldfossilrefineriesintobiofuelproductionfacilities.

8

QuarterlyChartbookQ42023

Chart7:Jetfuelprice,USD/bbl Chart8:Jetfuelcrackagainstcrudeoil,USD/bbl

180

CrackSpread

160

JetFuelPrice

DatedBrent

140

120

100

80

60

40

20

0

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Sources:S&PGlobalCommodityInsightsS&PGlobal`

Chart9:Quarterlyjetfuelpricesin2023byregion,USD/bbl

Asia&Oceania

Europe&CIS

MidEast&Africa

NorthAmerica

130

LatinAmerica&Caribbean

Global

120

110

100

90

80

70

Qtr1

Qtr2

Qtr3

Qtr4

Source:IATASustainabilityandEconomics,S&PGlobalCommodityIinsights

Chart11:Cumulativerenewablefuelcapacityinmilliontonnes

70

63.5

64.0

59.3

60

48.8

50

38.4

40

30 27.0

20 15.8

10 4.3

0

2022 2023 2024 2025 2026 2027 2028 2029

Source:IATASustainability&Economics

QuarterlyChartbookQ42023

60

3-yrrange(2017-2019)

50

2023monthlyaverage

40

30

20

10

0

JanFebMarAprMayJunJulAugSepOctNovDecSource:IATASustainabilityandEconomics,S&PGlobalCommodityInsights.

Chart10:NumberofSAFofftakeagreements,asofDec2023

10

Numberof

9

80

agreementsof

9

themonth

70

8

Cumulative

60

7

numberof

6

agreements

50

6

5

(RHS)

5

40

4

4

4

4

4

4

4

3

3

3

3

3

3

30

3

2

2

2

2

2

20

2

1

1

1

10

1

0

0

0

Jan

Feb

Mar

AprMay

JunJul

Aug

SepOct

NovDec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2022

2023

Source:IATASustainabilityandEconomics

Chart12:Totalrenewablefuelcapacityby2029,%sharebypathway

PtL

2.1%

SyngasFT

3.5%

HEFACo-

processing

4.2%

HEFA

AtJ

82.1%

7.8%

CHJ

0.3%

Source:IATASustainabilityandEconomics

9

III.PassengerandCargoTraffic

PassengerTraffic

Inthefourthquarterof2023,theaviationsectorcontinuedtorecoverwhilenavigatingeconomicandgeopoliticaltensions.

Globalairpassengertrafficexperiencedasignificantupswingof28.6%year-on-year(YoY)inthefinalquarterof2023,asmeasuredbyRevenuePassengerKilometers(RPKs,Chart13).Airlinesexpandedtheirseatofferingsby27.1%comparedtothepreviousyeartomeettherisingdemand(Chart14).Thisimpressiverecoverynotwithstanding,bothpassengernumbersandseatavailabilitydidnotquitereachthelevelsobservedinthelastquarterof2019.

Thegrowthinpassengerdemandhadaslightedgeovertheincreaseinflightcapacity,whichresultedinapassengerloadfactor(PLF)ofanimpressive82.4%onaverage.Thisfigureisup1.0and0.7percentagepoints(ppt)respectivelycomparedto2022and2019andisthehighestfourthquarterPLFrecordedsince2010(Chart15).Thistrendofheightenedloadfactorswasobservedacrossregions,withtheexceptionofAfricaandNorthAmerica.Specifically,Africancarriersreportedaseatoccupancyrateof72.0%,0.9pptabovethe2019figuresthough3.8pptbelowtheQ42022figurewhichmarkedadecadepeak.NorthAmerica'sloadfactorwas83.4%andwhileinlinewithitspre-pandemicaverage,itwas1.0pptlowerthanin2022.

Approximately40%ofallairtravel,consideringboththedistanceandthevolumeoftravelers,occurswithindomesticmarkets.Inthefourthquarter,domesticairtrafficcontinuedtogrowYoY,andstood4.4%overpre-pandemiclevelsonaverage,withmixedperformancesbetweencountries(Chart16).

Growthwasmainlyledbythethreelargestmarkets,namelytheUS,India,andChina.China'sperformancewasparticularlystriking,withitsairtravelmorethantriplingonaYoYbasisinQ4,followingamore-than-triplinginQ2andadoublinginQ3.Thissignificantupturnisfromalowbase,butneverthelessmarksanimpressiveandhistoricachievement.Ithighlightsthepersistentdemandfortravel,eveninperiodsofsloweconomicgrowth.TheUSandIndiaalsosurpassedtheirpre-pandemiclevelsofairtraffic,withIndiareachingahistorichighof37.8millionRPKsinthefourthquarter.Brazilcontinuedtoincreasemorethan5%YoYinQ4,butthemomentumisnotstrongenoughtoremainabovepre-pandemiclevels.Othermajordomesticmarkets,suchasAustraliaandJapanremainslightlybehinddespitemorethan5%growthfromthepreviousyear.

Internationaltraffichasnotyetcompletelyrecuperatedits2019levelsacrosstheboardeither,thoughinternationalRPKssawsubstantialgrowthinthefourthquarter,increasing26.7%YoYandreaching

94.5%ofQ42019levelsonaverage(Chart17).NorthAmericancarriersstillchampiontheindustrywithRPKsat105.9%ofQ42019,thethirdconsecutivequarterofsurpassingpre-pandemiclevels.LatinAmericanandMiddleEasterncarriersalsooutperformedtheirpre-pandemicquarterlybenchmarksforthefirsttimeininternationaltrafficsincetheonsetofthepandemic.TheAsiaPacificregionshowcasedthemostrapidYoYgrowthatanextraordinary67.1%,significantlynarrowingthegaptoQ42019figures.

Globally,premiumclasstraffic(firstandbusinessclass),nearlyreachedpre-CovidlevelsinQ42023(andashareoftotalinternationalRPKsof8%),fallingjust0.9%short.Economy-classtravel(allotherthanfirstandbusiness),ontheotherhand,laggedat5.9%below2019levels(Chart18).Thisunderlinesakeytrendinfavorofpremium-classtravelinthecurrentmarketdynamics.Notably,NorthAmericancarriersexperiencedaremarkable36.1%surgeinpremiumtrafficcomparedtopre-pandemiclevels.Thisincreaseunderscoresthesegment'ssignificantcontributiontoairlines’revenuestrategies.Conversely,Europecarriersflew17.1%belowQ42019levelsinpremiumclassandEurope'seconomyclasstrafficwasonly1.3%shortofthatlevel.

10

QuarterlyChartbookQ42023

Chart13:IndustrymonthlyRPKsinbillions

2500

Actual

SeasonallyAdjusted

2000

1500

1000

500

0

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

2017

2018

2019

2020

2021

2022

2023

Sources:IATASustainabilityandEconomics,IATAMonthlyStatistics

Chart15:Passengerloadfactor,%shareofASK

Q4-2023

Q4-2022

Q4-2019

83.4%

North

America

84.5%

83.7%

MiddleEast

78.8%

78.4%

74.7%

Latin

84.1%

America…

81.4%

82.1%

Europe

84.7%

84.2%

84.2%

Asia/Pacific

81.6%

77.2%

81.5%

Africa

72.0%

75.8%

71.1%

Industry

82.4%

81.5%

81.7%

Sources:IATASustainabilityandEconomics,IATAMonthlyStatistics

Chart14:IndustrymonthlyASKsinbillions

3,000

Actual

SeasonallyAdjusted

2,500

2,000

1,500

1,000

500

0

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

Qtr1

Qtr2Qtr3

Qtr4

2017

2018

2019

2020

2021

2022

2023

Sources:IATASustainabilityandEconomics,IATAMonthlyStatistics

Chart16:DomesticRPKsbycountrymarket,%changeversusthesamequarterin2019

Australia

Brazil

40%

India

Japan

20%

UnitedStates

PRChina

0%

Industry

-20%

-40%

-60%

-80%

-100%

-120%

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

2020

2021

2022

2023

Sources:IATASustainabilityandEconomics,IATAMonthlyStatistics

Chart17:InternationalRPKsbyairlineregionofregistration,%shareofthesameperiodin2019

Q42023vs19

Q32023vs19

NorthAmerica

105.9%

102.5%

MiddleEast

101.4%

99.1%

LatinAmerica

102.6%

&Caribbean

99.4%

Europe

97.6%

91.9%

AsiaPacific

82.5%

77.1%

Africa

95.7%

90.4%

Industry

94.5%

90.3%

Source:IATASustainabilityandEconomics,IATAMonthlyStatistics

QuarterlyChartbookQ42023

Chart18:InternationalRPKsbycabinclass,%changevsthesameperiodin2019(Q4)

Shareofint'lRPKsbyclass:

36.1%

Premium

40%

(identicalin2019,2021and2022)

Economy

30%

Economy:92%

Premium:8%

20%

9.9%

8.7%

10%

2.0%

1.7%

0.7%

0%

-1.3%

-10%

-0.9%-5.9%

-3.9%-11.9%

-20%

-10.5%

-17.1%

-30%

-17.9%

-40%

Africa

Asia

Europe

Latin

Middle

NorthIndustry

Pacific

America

East

America

and

Caribbean

Source:IATASustainabilityandEconomics,IATAMonthlyStatistics

11

AirConnectivity

Airtransportisavitalformofconnectivityinthemodernage.Itprovidesthecity-pairconnectionsthatsupporttheflowsofgoodsandpeoplebetweenmarkets,enablingworldtrade,i