Sydney, Jan 10: The International Air Transport Association (IATA) released data showing strong growth in both global passenger and air cargo markets for November 2024.
Passenger demand, measured in revenue passenger kilometers (RPK), increased by 8.1 per cent compared to November 2023, marking another month of robust recovery.
Capacity, measured in available seat kilometers (ASK), rose by 5.7 per cent year-on-year, with the load factor reaching an all-time high of 83.4 per cent (+1.9 percentage points). International demand rose 11.6 per cent, with capacity up 8.6 per cent and a load factor of 83.4 per cent (+2.3 percentage points).
Domestic demand increased 3.1 per cent year-on-year, despite a 2.7 per cent decline in the US domestic market.
Asia-Pacific airlines led international passenger growth with a 19.9 per cent increase, followed by Latin America (11.4 per cent) and Africa (12.4 per cent).
The Middle East, Europe, and North America recorded increases of 8.7 per cent, 9.4 per cent, and 3.1 per cent respectively.
The domestic markets in China (10.5 per cent) and India (13.3 per cent) saw notable growth, while Australia, Japan, and Brazil showed stable performance.
On the air cargo side, demand rose 8.2 per cent in November 2024 compared to November 2023, with international operations seeing a 9.5 per cent increase. Capacity grew by 4.6 per cent globally, with international capacity up 6.5 per cent.
The Asia-Pacific region led growth with a 13.2 per cent increase in demand, followed by Latin America (11.6 per cent), North America (6.9 per cent), Europe (5.6 per cent), and the Middle East (3.6 per cent). Africa was the only region to record a decline (-0.7 per cent).
Global goods trade posted a 1.6 per cent increase in October, contributing to the air cargo market’s 16th consecutive month of growth.
Trade lanes such as Asia-North America and Europe-Asia reported over 12 per cent year-on-year increases, driven by rising e-commerce demand.
IATA also noted several economic factors influencing performance, including industrial production growth of 2.1 per cent in October, and varying inflation trends across key markets.
US headline inflation rose to 2.7 per cent, while EU inflation reached 2.5 per cent, and China’s consumer inflation fell to 0.2 per cent, raising concerns over an economic slowdown.
Media & PR: editor@dailystraits.com. Copyright 2021–Present DailyStraits.com. All rights reserved.