In Q4 2022 global air cargo load factor, which measures both volume and weight perspectives of cargo flown and capacity available, was at a five-year low of 60%. It declined 6% points year-over-year and was down 2% points from 2019 level. This is attributed to 4% year-on-year growth of global air cargo capacity in Q4 2022, and 8% year-on-year decline of global air volume over the same period. Looking ahead, air cargo capacity in 2023 is set to restore further as air cargo demand is to stay muted due to the slowdown of global economies.