Air cargo demand in Asia remains resilient
The air cargo market in Asia remained resilient in November with volumes continuing to grow compared with 2019 levels.
The latest statistics from the Association of Asia Pacific Airlines (AAPA) show that during the month cargo demand at the region’s airlines increased by 16.5% year on year and stayed above volumes recorded in the pre-pandemic months of 2019.
The international freight load factor remained “elevated”, averaging 73.2% for the month, after accounting for an 11.8% year-on-year expansion in offered freight capacity.
Subhas Menon, AAPA director general, said: “The resilience of the cargo sector continues to be an important lifeline for the region’s airlines during this pandemic.
“On the other hand, oil prices have risen significantly, with jet fuel prices averaging US$92 per barrel in November, almost double of the corresponding month in 2020, adding to the challenges airlines face in a bid to restore profitability.”
Menon added the spread of the Omicron variant would impact aviation’s recovery in the region.
“Overall, full restoration of international air travel remains some way off. The abrupt re-imposition of travel restrictions by many governments in the face of the rising spread of the Omicron variant threatens to hold back the long-awaited revival of Asia’s travel and tourism industry.
“Collaboration and coordination of industry stakeholders across borders are critical to the safe and sustained resumption of international air travel, without which, the recovery journey will likely be volatile and uneven.”