Asia Pacific carriers achieved a 13.9% year-on-year increase in international air cargo demand in 2024 and a 10% rise in cargo revenue.
A surge in e-commerce activity and disruptions to maritime shipping contributed to the 13.9% demand increase, as measured in freight tonne kilometres (FTK), following two consecutive years in decline, according to preliminary figures released by the Association of Asia Pacific Airlines (AAPA).
Meanwhile, cargo revenue climbed by 10.3% to $23.2bn, although there was a 3.2% decline in air cargo yields to 32.7 US cents per FTK.
Overall, Asia Pacific carriers achieved $7.3bn in combined net profits in 2024, supported by strong growth in passenger traffic and a marked recovery in cargo volumes.
Combined operating expenses rose by 8.4% to $199.8bn for the year, due mainly to a 10.1% increase in non-fuel expenditure to $138.9bn
Operating costs last year were exacerbated by ongoing supply chain constraints, stated the AAPA.
Persistent supply chain challenges, including shortages of spare parts, aircraft delivery delays and aircraft groundings due to engine issues, drove up maintenance and leasing costs. Inflationary pressures also contributed to higher staff expenditure and airport charges.
Looking ahead, Subhas Menon, AAPA director general, said: “The region’s carriers continue to face considerable headwinds, including elevated operating costs and ongoing supply chain disruptions.
"Geopolitical tensions may lead to renewed volatility in oil and currency markets while air cargo markets may soften further, as uncertainties over trade negotiations dampen demand for air shipments.”
