PRELIMINARY February 2024 traffic figures released by the Association of Asia Pacific Airlines (AAPA) show air cargo demand in Asia grew "as a result of business and e-commerce activity".
The statistics international air cargo demand, as measured in freight tonne kilometres (FTK), increased by 10.2 per cent year on year in February, reports London's Air Cargo News.
"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 per cent, primarily from growth in bellyhold space. Consequently, the average international freight load factor fell by 5.5 percentage points to 57.3 per cent for the month.
Speaking about the first two months of the year, AAPA director general Subhas Menon said that the period "saw a 16 per cent 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."
Mr Menon had a positive outlook for the air cargo industry in the next few months. "The upturn in global economic activity and rise in business confidence levels augurs well for air cargo markets in the coming months."