Selangor Journal
A logo of the International Air Transport Association (IATA) is pictured in Geneva, Switzerland, March 13, 2020. — Picture by REUTERS

IATA: Asia-Pacific airlines’ air cargo volumes up by 7.6 pct in October

KUALA LUMPUR, Dec 5 — Air cargo volumes for Asia-Pacific airlines increased by 7.6 per cent in October 2023 compared with 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 with 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 with +16.7 per cent, the greatest annual growth since May, Middle East-Asia with +10.3 per cent and Europe-Asia with +8.5 per cent.

“Available capacity for the region’s airlines increased by 30.0 per cent compared with 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

Top Picks

Flood evacuees drops below 100,000 tonight

Editor Selangor Journal

Nafas denies being fertiliser cartel

Editor Selangor Journal

KPKT aims to create 50 more PPR community spaces next year

Editor Selangor Journal