Higher demand for consumer and intermediate goods contributed to the ongoing positive momentum in air cargo markets for Asia Pacific airlines.
“For the region’s carriers, international air cargo demand, as measured in freight tonne kilometers (FTK), recorded a 13.7 percent year-on-year growth in April while offered freight capacity expanded by 14.4 percent, leading to a marginal 0.4 percentage point decline in the average international freight load factor to 59.9 percent,” says the latest update from the Association of Asia Pacific Airlines (AAPA) based on data from 40 Asia Pacific-based carriers.
While FTK was at 5,819 million for April, the available capacity was at 9,708 million, the update added For the first four months of 2024, international air cargo demand increased 15.4 percent to 22,829 million while offered capacity was up 19 percent at 38,378 million. Freight load factor was down 1.9 percentage points at 59.5 percent.
Subhas Menon, Director General, AAPA says: “Asia Pacific Airlines posted an encouraging 15 percent year-on-year increase in air cargo traffic volumes with the pick-up in global demand supporting export activity from major manufacturing hubs located in the region, in particular, China.”
Outlook
Positive business and consumer confidence levels are likely to support continued growth in cargo markets in the coming months, adds Menon.
“Nevertheless, supply chain constraints and higher operating costs remain a concern while geopolitical tensions continue to cloud the outlook of the industry. Against this background, the region’s carriers remain focused on improving operational efficiency and growing sustainably while upkeeping safety standards.”
