Association of Asia Pacific Airlines Reports March 2024 Traffic Numbers

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(30/04/24)
 Preliminary March 2024 traffic figures from the
Association of Asia Pacific Airlines (AAPA) show continued growth
in both international air passenger and air cargo demand.

The region’s carriers carried a combined total of
28.2 million international passengers in March, a 37.5% increase
on the 20.5 million recorded in the same month last year. Traffic
averaged 86.8% of 2019 volumes.

Demand, measured in revenue passenger kilometres
(RPK), rose by 38.6% year-on-year, with available seat capacity
increasing in equal measure. As a result, the international
passenger load factor at 82%, remained unchanged from the previous
corresponding month.

Manufacturing orders ramped up in March, driving
an uptick in trade activity. The rise in exports, in part
propelled by the dynamic e-commerce sector, bolstered air cargo
markets leading to a strong 15.3% year-on-year increase in
international air cargo demand in freight tonne kilometres (FTK)
for the month.

The average international air freight load factor
edged 0.5 percentage points lower to 62.7% in March, after
accounting for a 16.2% expansion in offered freight capacity.

“March saw another healthy expansion in both
passenger and cargo markets, culminating in a strong first quarter
performance for 2024. For the three-month period, Asian airlines
registered a 47% year-on-year increase in the number of passengers
carried, fuelled by a surge in demand for both leisure and
business travel. Additionally, international air cargo traffic
witnessed a solid 16% year-on-year increase during the same
period, signaling that the full recovery of the Asia Pacific
airline industry is well within sight,” said Subhas Menon, AAPA
Director General. “The potential alleviation of interest rates and
inflationary pressures are expected to stimulate spending, thereby
driving further growth in air travel and cargo markets in the
upcoming months. However, the airline operating environment is
challenging today, marked by international conflicts, extreme
weather events and supply chain issues, that increase cost
pressures on carriers due to re-routings, flight diversions and
disruptions. Nevertheless, the Asia Pacific airline industry is
growing steadily, steadfastly focused on enhancing air
connectivity and the travel experience of their customers.”

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