KUALA LUMPUR, 29 August 2024: Preliminary July 2024 traffic figures released Wednesday by the Association of Asia Pacific Airlines (AAPA) showed healthy growth in international air passenger markets.
Regional initiatives to encourage travel continued to yield positive results, with the relaxation of visa policies underpinning a significant rise in leisure travellers during the peak summer holiday season.
For the month, 31.9 million international passengers were carried by Asian airlines, representing a 22.6% year-on-year increase. The steady growth brought traffic volumes to 95.5% of the levels in the same month of 2019. Available seat capacity expanded by 21.2%, marginally surpassing the 20.5% increase in demand measured in revenue passenger kilometres (RPK). As a result, the average international passenger load factor decreased marginally by 0.6 percentage points to 82.6% in July.
Air cargo markets continued to benefit from robust e-commerce demand and ongoing disruptions in maritime shipping. In freight tonne kilometres (FTK), international air cargo demand saw a healthy 12.3% year-on-year increase in July, while offered freight capacity grew by 11.0%. This led to a 0.7 percentage point increase in the average international freight load factor to 61.1% for the month.
Commenting on the results, AAPA Director General Subhas Menon said: “The strong demand trend observed in the first half of the year carried into July, with Asian airlines reporting growth in both international passenger and cargo markets. Overall, during the first seven months of the year, the number of international passengers carried grew by 39% to 208 million, supported by network expansions. Correspondingly, international air cargo demand rose by 15.6% year-on-year, in contrast to the depressed levels seen in the same period last year.”
Looking ahead, Menon said: “Despite ongoing supply chain disruptions, the outlook for travel markets remains positive, as Asia Pacific airlines continue to benefit from resilient business and leisure demand. In particular, China-based airlines are experiencing solid growth in passenger demand as traffic in China recovers, driving overall expansion.”
He concluded: “In response to passenger demand in a dynamic marketplace, Asian airlines are pursuing new revenue opportunities by launching innovative products and services. At the same time, the region’s carriers continue to be focused on improving operational efficiency and intensifying sustainability initiatives while maintaining profitability.”
