KUALA LUMPUR: Air cargo volumes for Asia-Pacific airlines increased by 7.6 per cent in October 2023 compared to the same month in 2022, with carriers in the region benefiting from ongoing growth in international cargo tonne-kilometres (CTKs) on three major trade lanes.
The International Air Transport Association (IATA) today released data for October 2023 global air cargo markets, indicating the third consecutive month of year-on-year growth with global demand CTKs increasing by 3.8 per cent in October 2023 compared to October 2022.
In a statement, the International Air Transport Association (IATA) said the three major trade lanes with the greatest CTKs growth were Africa-Asia (+16.7 per cent, the greatest annual growth since May), Middle East-Asia (+10.3 per cent) and Europe-Asia (+8.5 per cent).
"Available capacity for the region’s airlines increased by 30.0 per cent compared to October 2022 as more belly capacity came online from the passenger side of the business (a year ago, the key Asian markets of Japan and China were still largely under severe Covid-19 travel restrictions),” it said.
IATA director-general Willie Walsh said the stronger growth placed air cargo on course to end 2023 on a much stronger footing than it had begun the year.
He said recovering demand, slightly stronger yields and the uptick in trade are all good news.
"But with demand still 2.4 per cent below pre-pandemic levels and much uncertainty remaining over the trajectory of the global economy, optimism must be balanced with caution.
"Nonetheless, a continued strong peak year-end season will certainly help the sector to manage through whatever turns the global economy might take in 2024,” he added. - Bernama
