Turbulence characterized the air cargo industry in 2022 for the third consecutive year.

The easing of COVID conditions in most of the world was positive for reopening trade, but the recovery wasn’t always smooth for airlines, airports and aircraft manufacturers. China continued to maintain a series of lockdowns that constrained air traffic. The biggest shock to the system was Russia’s invasion of Ukraine, which drove up fuel prices and helped send the airfreight market into a steady decline for the remainder of the year.

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