Asia Pacific Airlines report robust growth in October 2023 traffic

Thursday, November 30, 2023

The Association of Asia Pacific Airlines (AAPA) released preliminary traffic data for October 2023, revealing substantial growth in international passenger demand. This aligns with the ongoing recovery observed in major routes across the region and globally.

In October, the carriers in the region transported a total of 25.3 million international passengers, marking a remarkable 102.8% increase compared to the 12.5 million recorded in the same month last year. The demand reached 80.5% of the corresponding month in 2019. In terms of revenue passenger kilometres (RPK), demand surged by 85.6%, highlighting the strength of short-haul markets. Despite a 77.9% expansion in available seat capacity, the average international passenger load factor increased by 3.4 percentage points to 80.4%, slightly exceeding pre-pandemic levels.

Despite a moderation in trade activity, Asia Pacific airlines experienced a 3.2% growth in international air cargo demand in October, measured in freight tonne kilometres (FTK), compared to the low volumes recorded in the same month the previous year. Offered freight capacity increased by 8.9% year-on-year, resulting in a 3.3 percentage point decrease in the average international freight load factor, which averaged 61.2% for the month.

Commenting on the results, Mr. Subhas Menon, AAPA Director General, noted that Asia Pacific carriers continued to witness robust growth in both business and leisure travel markets entering the fourth quarter. This reflects a healthy travel appetite supported by the resilient growth of the region’s economies. In the first ten months of the year, Asian airlines reported a significant 197.3% increase in the number of international passengers carried, totaling 225 million.

Mr. Menon highlighted that the region’s airlines experienced a second consecutive month of growth in international air cargo demand in October, preceding major promotional retail sales periods. This supported higher volumes of e-commerce shipments leading into the year-end festive season. Consequently, the decline in international air cargo demand narrowed to 5.4% for the ten-month period.

Looking ahead, Mr. Menon expressed optimism about the prospects for further growth in air travel demand in the coming months. However, he acknowledged uncertainties in the outlook for air cargo markets amidst continued declines in export orders. Overall, the region’s carriers remain focused on improving financial performance after three years of significant pandemic-related losses, while prioritizing the delivery of the highest levels of customer service.

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