2022Q1 Cargo Performance

keep them from international Re-opening border is boosting pax market recovery ✈ US & EU have started re-opening of borders, which stimulates pax demand; however, some Asia Pacific key markets remain closed which may slow down recovery and connectivity. 120% Europe, 2024 Asia Pacific 2025 Middle 97% East, 2025 110% North America, 2023 2019 level 100% 90% 84% World restriction level 80% 70% 68% 60% 50% 40% 40% No Yes 30% with exceptions 2021 2022 2023 2024 2025 CHINA AIRLINES Source IATA Economics 15

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