Robust demand for consumer and intermediate goods drives growth in Asia Pacific air cargo markets.
Asia Pacific airlines experienced significant growth in air cargo demand in April, fueled by increased consumer and intermediate goods demand. The Association of Asia Pacific Airlines (AAPA) reported a 13.7 percent year-on-year rise in international air cargo demand, measured in freight tonne kilometres (FTK). Despite a 14.4 percent increase in offered freight capacity, the average international freight load factor slightly declined by 0.4 percentage points to 59.9 percent.
April’s FTK stood at 5,819 million, with available capacity reaching 9,708 million. For the first four months of 2024, international air cargo demand surged by 15.4 percent to 22,829 million, and offered capacity rose 19 percent to 38,378 million, resulting in a 1.9 percentage point drop in the freight load factor to 59.5 percent.
Subhas Menon, Director General of AAPA, highlighted the 15 percent year-on-year increase in air cargo traffic volumes, attributing it to the robust global demand supporting exports from major manufacturing hubs, particularly in China. Menon also noted that positive business and consumer confidence levels are expected to sustain growth in cargo markets in the coming months.
However, Menon cautioned about ongoing challenges, including supply chain constraints and higher operating costs. Additionally, geopolitical tensions pose a risk to the industry’s outlook. In response, Asia Pacific carriers are focusing on enhancing operational efficiency and sustainable growth while maintaining safety standards.
