Airline revenues, passenger traffic to hit record highs this year

Airline revenues, passenger traffic to hit record highs this year

Monday, 03 Jun, 2024 0

Global airlines will carry almost five billion passengers this year global trade body IATA says.

That will push airline revenues to nearly US$1 trillion.

Both would be all time records, IATA said.

The Association says it expects airlines to post about US$30 billion in net airline profit this year.

This is up on its previous forecast of US$25.7 billion.

Still, overall airline costs will rise to record highs too, the IATA general meeting in Dubai heard.

A US$30 billion airline profit is still nevertheless ‘a great achievement considering the recent deep pandemic losses’, said IATA director general Willie Walsh.

“Without a doubt, aviation is vital to the ambitions and prosperity of individuals and economies.”

The Covid-19 pandemic is still affecting the liquidity of some airlines with some smaller flag carriers still struggling.

IATA estimates the pandemic caused US$183 billion in losses globally between 2020 and 2022.

IATA’s 300 member airlines represent 83% of global air passenger traffic.

During the AGM, Delhi, India was announced as host of the 2025 meeting. 

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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