APAC Airlines Nov 2024: Passenger, cargo markets maintain robust growth

Traffic figures for November 2024 from Asia Pacific airlines demonstrate further growth in both international air passenger and cargo markets, on the back of robust consumer and business demand.

The results, released by the Association of Asia Pacific Airlines (AAPA), reveal that the region’s carriers handled 31 million international passengers in November 2024 collectively, a 19.8% increase compared to the same period in 2023.

The average international passenger load factor rose by a solid 2.7 percentage points to 82.0% for the month, after accounting for a 17.6% expansion in available seat capacity.

According to the report, growth in shipment volumes within the air cargo segment 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 kilometers (FTK), increased by 10.5% year-on-year, slightly outpacing a 10.0% rise in offered freight capacity. Consequently, the average international freight load factor edged up by 0.2 percentage points, to 62.3% for the month.

“Asia Pacific airlines have led growth in international travel markets this year, benefiting from strong demand for both business and leisure travel. Demand has now fully recovered to pre-pandemic levels,” AAPA Director General Subhas Menon said in a statement.

“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 added.

Menon also noted that air cargo markets saw healthy growth in November 2024, driven by increased demand going into the year-end holiday season. This, he said, contributed 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.”

Looking ahead, Menon concluded, “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.”

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