IATA has delved into World Air Transport Statistics (WATS) to reveal the cost insights for 2023.

According to WATS, the three biggest costs for airlines globally are aircraft fuel and oil, depreciation and amortization, and flight salaries and expenses. Aircraft fuel and oil account for a substantial 28.7% of total airline costs, highlighting the significant impact of fuel prices on operational expenses.

Meanwhile, depreciation and amortization make up 9.1%, followed closely by flight crew salaries and expenses at 8.6%.

Flight equipment maintenance and overhaul is 8.40%, followed by General administrative costs at 7.7% and Station costs at 7.1%.

READ: AIRLINE PROFITABILITY OUTLOOK IMPROVES FOR 2024