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Import air passenger fares fell 4.2 percent over the year ended in December 2023

January 23, 2024

Import air passenger fares fell 4.2 percent over the year ended in December 2023, due in part to a 0.9-percent decrease in European fares, a 4.0-percent decrease in Asian fares, and an 11.0-percent decrease in Latin American/Caribbean fares.

12-month percent changes in air passenger fares, December 2023
Air passenger fares Percent change

Import air passenger fares

-4.2

Europe

-0.9

Asia

-4.0

Latin America/Caribbean

-11.0

Export air passenger fares

-5.3

Europe

-4.3

Asia

-5.8

Latin America/Caribbean

-7.1

Note: Data are not seasonally adjusted.

From December 2022 to December 2023, export air passenger fares fell 5.3 percent. Decreases in air passenger fares from Europe (−4.3 percent), Asia (−5.8 percent), and Latin America/Caribbean (−7.1 percent) on U.S. carriers contributed to the decline.

Import air freight prices decreased 4.6 percent from December 2022 to December 2023, as a 30.6-percent decline in prices on European carriers more than offset a 6.5-percent rise in prices on Asian carriers.

12-month percent changes in air freight prices, December 2023
Air freight prices Percent change

Import air freight prices

-4.6

Europe

-30.6

Asia

6.5

Export air freight prices

-12.9

Europe

-15.8

Asia

-10.5

Note: Data are not seasonally adjusted.

Export air freight prices fell 12.9 percent for the year ended December 2023. Decreases in export air freight prices to Europe (−15.8 percent) and Asia (−10.5 percent) contributed to the drop.

These data are from the International Price program. To learn more, see "U.S. Import and Export Prices — December 2023." We also have more charts on import and export price trends, as well as fact sheets that explain more about measuring price changes for air passenger fares and air freight. Data may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import air passenger fares fell 4.2 percent over the year ended in December 2023 at https://www.bls.gov/opub/ted/2024/import-air-passenger-fares-fell-4-2-percent-over-the-year-ended-in-december-2023.htm (visited April 13, 2024).

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