Air cargo demand in Asia grew in February “as a result of business and e-commerce activity” said the Association of Asia Pacific Airlines (AAPA).Preliminary February 2024 traffic figures released by the AAPA show international air cargo demand, as measured in freight tonne kilometres (FTK), increased by 10.2% year on year in February.
“With inflation levels moderating, rising demand spurred renewed vigour in the global manufacturing sector, supporting further growth in air cargo markets,” said the AAPA. Offered freight capacity expanded by a robust 20.8%, primarily from growth in bellyhold space. Consequently, the average international freight load factor fell by 5.5 percentage points to 57.3% for the month. Speaking about the first two months of the year, AAPA director general Subhas Menon said that the period “saw a 16% increase in international air cargo demand, progressing the recovery recorded since the last quarter of 2023”.
He added: “Healthy growth in e-commerce transactions fuelled a rise in demand for speedier air transport. Additionally, there were also indications of a modal shift from sea to air due to the Red Sea crisis.” However he added on an optimistic note, “The upturn in global economic activity and rise in business confidence levels augurs well for air cargo markets in the coming months.”