The Association of Asia Pacific Airlines (AAPA) released its preliminary November 2024 traffic figures for both passenger and cargo flights.
This interim report shows further growth in both the international air passenger and cargo markets, on the back of robust consumer and business demand.
Commenting on the results, AAPA director-general Subhas Menon said: “Asia Pacific airlines have led growth in international travel markets this year, benefitting from strong demand for both business and leisure travel. 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 percent increase in the number of international passengers carried to a combined total of 334 million.”
Menon added that air cargo markets saw healthy growth in November, primarily driven by increased demand going into the year-end holiday season, and contributing to a strong 14 percent 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.
Looking ahead, Menon concluded by saying: “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.”
Greater passenger numbers
Regional airlines collectively carried 31 million international passengers in November, a 19.8 percent increase compared to the previous corresponding period.
Underpinned by strength in long haul travel markets, demand in revenue passenger kilometres (RPK) grew by 21.7 percent year-on-year.
The average international passenger load factor rose by a solid 2.7 percentage points to 82 percent for the month after accounting for a 17.6 percent expansion in available seat capacity.
Sustained e-commerce demand bolsters cargo segment
In the air cargo segment, growth in shipment volumes was driven by sustained e-commerce demand and the front-loading of export orders ahead of anticipated US tariff hikes.
International air cargo demand, measured in freight tonne kilometres (FTK), increased by 10.5 percent year-on-year, slightly outpacing a ten percent rise in offered freight capacity.
Consequently, the average international freight load factor edged up by 0.2 percentage points to 62.3 percent for the month.