Wednesday, March 27, 2024
The preliminary traffic data for February 2024, released today by the Association of Asia Pacific Airlines (AAPA), indicates a significant uptick in both international air passenger and air cargo demand. The surge in leisure travel during the Lunar New Year festivities contributed to the growth in passenger markets, while business activities and e-commerce drove the increase in air cargo demand.
In February, Asia Pacific airlines carried a total of 27.0 million international passengers, marking a substantial 56.7% rise compared to the 17.3 million passengers transported in the same month last year. This traffic level reached 89.2% of the pre-pandemic levels seen in 2019. Measured in revenue passenger kilometers (RPK), demand increased by 54.4% year-on-year, with a notable strength observed in regional routes. Available seat capacity also expanded by 53.1%, resulting in a slight 0.7 percentage point rise in the average international passenger load factor to 81.6% for the month.
The global manufacturing sector experienced renewed activity due to moderating inflation levels, contributing to increased air cargo demand. In February, international air cargo demand, measured in freight tonne kilometers (FTK), grew by 10.2% year-on-year. The freight capacity offered surged by 20.8%, mainly due to the expansion of belly-hold space. Consequently, the average international freight load factor declined by 5.5 percentage points to 57.3% for the month.
Commenting on the results, Mr. Subhas Menon, AAPA Director General said, “During the first two months of the year, Asian carriers saw continued robust growth in international passenger markets, with 54 million passengers carried, an increase of 53% compared with the corresponding period in the previous year. The strong demand came on the back of ongoing network expansion by carriers, with load factors at levels seen before the pandemic.”
“The same period saw a 16% increase in international air cargo demand, progressing the recovery recorded since the last quarter of 2023. Healthy growth in e-commerce transactions fuelled a rise in demand for speedier air transport. Additionally, there were also indications of a modal shift from sea to air due to the Red Sea crisis.”
Looking ahead, Mr. Menon said, “The upturn in global economic activity and rise in business confidence levels augurs well for air cargo markets in the coming months. Correspondingly, the demand outlook for international travel is positive based on forward booking trends. The region’s carriers remain nimble and proactive in exploring new avenues of growth, whilst at the same time tackling numerous challenges including rising operational costs and stiff competition.”
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
