• Air cargo carried by airlines in the Asia Pacific region increased by 10.5% year-on-year in November 2024, according to the Association of Asia Pacific Airlines
• Growth was driven by sustained e-commerce demand and front-loading of export orders ahead of anticipated US tariff hikes
• Offered freight capacity jumped by 10.0%, with an average freight load factor edging up 0.2 percentage points to 62.3%
• Cargo demand saw a 14% year-on-year increase from January to November 2024
Air cargo carried by airlines in the Asia Pacific region increased 10.5% year-on-year in November 2024, the Association of Asia Pacific Airlines (AAPA) said in a statement.
This led to do a 14% increase in January to November 2024 demand from the same period last year.
Preliminary traffic figures showed further growth in both international air passenger and cargo markets, backed by strong consumer and business demand.
November air cargo demand, measured in freight ton kilometers (FTK), was driven by sustained e-commerce demand and the front-loading of export orders ahead of anticipated US tariff hikes, AAPA said.
Freight capacity jumped by 10.0%, with the average freight load factor slightly improving by 0.2 percentage points to 62.3%.
“Driven by increased demand going into the year-end holiday season, air cargo markets saw healthy growth in November, contributing to a strong 14% year-on-year increase for the first eleven months of the year. Persistent operational challenges in maritime shipping and anticipated US tariff hikes further bolstered demand,” said AAPA director general Subhas Menon.
Meanwhile, international passenger traffic also maintained steady growth. Asia Pacific airlines carried 31 million international passengers in November, a 19.8% increase compared to the same period last year.
Revenue passenger kilometers (RPK) rose by 21.7%, supported by strong long-haul travel demand. The average passenger load factor climbed 2.7 percentage points to 82.0%, following a 17.6% expansion in seat capacity.
“Demand has now fully recovered to pre-pandemic levels. Overall, for the first eleven months of the year, the region’s carriers recorded a 31% increase in the number of international passengers carried to a combined total of 334 million,” Menon said.
“Based on current trends, 2024 is anticipated to conclude on a positive note for both passenger and cargo markets. However, uncertainty about the global economy and supply chain disruptions pose challenges to the region’s carriers. Asia Pacific airlines remain well-poised to navigate these challenges whilst maintaining the highest safety and service standards,” he said.
READ: Asia Pacific airlines’ cargo demand rises 8.9% in Sept
