The Association of Asia Pacific Airlines (AAPA) has released preliminary traffic figures for November 2024 for both passenger and cargo flights.
This interim report shows further growth in both international air passenger and cargo markets on the back of strong consumer and business demand.
Commenting on the results, AAPA Director General Subhash Menon said: “Asia Pacific Airlines led growth in the international travel market this year, benefiting from strong demand from both business and leisure travel. Demand is now fully back to pre-pandemic levels. Overall, in the first eleven months of the year, the region's carriers recorded a 31 percent increase in international passenger numbers reaching a combined total of 334 million.”
Menon added that air cargo markets saw healthy growth in November, primarily driven by increased demand during the year-end holiday season and contributing to a strong 14 percent year-on-year growth for the first eleven months of the year.
Continued operational challenges in ocean shipping and expected US tariff hikes have strengthened demand.
Looking ahead, Menon concluded: “Based on the current trends, 2024 is expected to arrive on a positive note for both the passenger and cargo markets. However, uncertainty about the global economy and supply chain disruptions pose challenges for carriers in the region. Asia Pacific Airlines is poised to navigate these challenges while maintaining the highest safety and service standards.”
Larger number of passengers
Regional airlines collectively carried 31 million international passengers in November, a 19.8 percent increase over the same period last year.
Based on the strength of the long-haul travel market, demand in revenue passenger kilometers (RPK) grew by 21.7 percent year-on-year.
Average international passenger load factor rose a solid 2.7 percentage points to 82 percent after accounting for a 17.6 percent expansion in available seat capacity.
Sustained e-commerce demand strengthens the cargo segment
In the air cargo segment, shipment volumes were boosted by sustained e-commerce demand and front-loading of export orders ahead of expected US tariff hikes.
International air cargo demand, measured in freight tonne kilometers (FTK), grew 10.5 percent year-on-year, slightly outpacing the ten percent increase in proposed freight capacity.
As a result, the average international freight load factor increased by 0.2 percentage points for the month to 62.3 percent.