Asia Pacific airlines carried 27.9 million international passengers in May

According to the latest data from the Association of Asia Pacific Airlines (AAPA), the region’s airlines carried a combined total of 27.9 million international passengers in May 2024, 23.9% more than in the same month last year.

Traffic averaged 89.4% of 2019 levels, whilst demand, measured in revenue passenger kilometers (RPK), grew by 27.4% year-on-year.

After accounting for a 26.4% expansion in available seat capacity, the average international passenger load factor edged marginally higher, by 0.6 percentage points to 79% for the month.

“In the first five months of the year, Asia Pacific airlines carried a total of 144 million international passengers, reflecting a 44.8% increase compared to the previous corresponding period. During the same period, international air cargo demand grew by 16%,” said Subhas Menon, AAPA director deneral.

Driven by buoyant trade activity within the region and globally, Asian carriers saw international air cargo demand, measured in freight tonne kilometers (FTK), register a solid 17.9% year-on-year growth in May.

The average international freight load factor also climbed higher, by 1.4 percentage points to 61.4%, following a 15.1% expansion in offered freight capacity.

“The current pick-up in global economic activity, supported by improvements to business confidence levels and increased consumer spending, has boosted demand for both international travel and air cargo. Asia Pacific airlines, being major players in the air cargo markets, have also benefitted from disruptions to ocean freight services,” Menon said.

“Encouraging trends in passenger and cargo traffic bode well for Asian airlines this year, following strong traffic performance for the year 2023. However, profit margins remain under pressure, with operating costs impacted by the strong US Dollar and jet fuel prices averaging above the $100 per barrel mark during the first five months of the year. Overall, Asian airlines remain committed to maintaining stringent cost controls across their operations, alongside a proactive pursuit of growth opportunities.”

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