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Strong Increase in Air Cargo DemandThe Association of Asia Pacific Airlines (AAPA) has released preliminary traffic figures for June 2024, revealing a significant surge in demand for international air cargo within the region. Asia Pacific airlines experienced a 16.4% year-on-year rise in international air cargo demand, as measured by freight tonne kilometres (FTK) flown.Capacity and Load Factor ImprovementsDuring the same period, offered freight capacity grew by 12.6%. This increase in capacity contributed to a 2 percentage point rise in the average international freight load factor, reaching 62.8% for the month.Drivers of GrowthAAPA attributes this impressive growth to a rebound in manufacturing activity across Asian economies, particularly in China and India. Additionally, the rise in e-commerce and security concerns in the Red Sea region have heightened the need for airfreight services.Subhas Menon, AAPA’s Director General, commented on the growth, stating, “Asian airlines are experiencing robust traffic growth, driven by an expansion in global economic activity and enhanced connectivity both regionally and globally. Increased export activity and disruptions in maritime shipping have further boosted air freight volumes across major trade routes.”Outlook for the FutureMenon expressed optimism about the future, stating, “The international air passenger and cargo markets are expected to continue growing in the latter half of the year, supported by sustained positive momentum in the global economy, despite ongoing geopolitical uncertainties.”Comparison with Previous MonthsIn May 2024, Asian carriers also reported strong growth, with international air cargo demand rising by 17.9% year-on-year. The average international freight load factor increased by 1.4 percentage points to 61.4%, supported by a 15.1% expansion in offered freight capacity.
