WHEN people think of air travel they picture planes full of passengers. But air cargo is as vital—perhaps more—to the global economy. Only 1% of exports by volume go in aircraft but because they tend to be the most expensive goods, they account for 35% of global trade by value. Nearly everyone has used products delivered by aircraft, from vaccinations in poor countries to smartphones in rich ones.
Cargo airlines such as FedEx Express and Emirates Skycargo have had a difficult few years. Global trade growth has stalled, and along with it demand for air freight.
