Page 8 - SAD2223 Final v1
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                 SINGAPORE AIRFREIGHT DIRECTORY 2022/2023
  THE SKY’S THE LIMIT FOR AIR FREIGHT
 Over the past ten years, low cargo and increased demand for daily essentials and pre-COVID level in 2019 and up 18.7 percent
rates and the unprofitability
of the cargo business have led many airlines to lay down or scale back their dedicated cargo freighter fleets.
However, the industry could not be kept down as air cargo has always been the key ‘driver’ of global supply chains. During the COVID-19 pandemic, the efficiency and importance of air cargo came under the spotlight: it enabled the efficient delivery of life- saving personal protective equipment (PPE), masks, medical supplies and vaccines during the global crisis. The surge in e-commerce
products could also be met despite supply disruptions.
The IATA Annual Review 2022 reported that in 2021, air cargo generated US$155 billion, up from US$129 billion in 2020 and US$101 billion in 2019.
Air cargo in 2021 grew by 53.5 percent from 2019, whilst 2020 revenue grew by 27.7 percent. This means that air cargo in 2021 accounted for double its 2020 contribution in airline revenues. Global demand for air cargo went up by 6.9 percent compared with
compared with the level in 2020. Air cargo capacity, measured in available cargo tonne kilometers (ACTKs) in 2021, however was 10.9 percent below the level in 2019 (-12.8 percent for international operations).
With revenues from transporting goods by air having risen by 53.5 percent in 2021 (from 2019) – at a value of US$155 billion – demand for air freight continues to soar.
On the home front, Singapore’s Changi Airport has maintained its extensive cargo network throughout the COVID-19 pandemic.
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