KUALA LUMPUR: Airlines in Asia Pacific have seen a robust growth in travel markets this year with the number of international passengers carried by the region's airlines rose 34 per cent during the first nine months of 2024, the Association of Asia Pacific Airlines (AAPA) said.
AAPA director general Subhas Menon said leisure travel demand remained buoyant and drove higher tourist arrivals across the region while business travel demand increased due to the region's growing economies.
He added that air cargo markets continue to expand due to the increase in export volumes from key manufacturing economies in Asia, including China, India, Japan and South Korea.
"The global economy is expected to grow by 3.2 per cent this year and in 2025, supporting expansion in both travel and air cargo markets," Menon said in a statement recently.
From January to September 2024, Asia Pacific airlines carried 269 million international passengers compared to 200 million in the same period in 2023.
International air cargo demand saw a 14 per cent increase compared to the same period in 2023.
The region's airlines saw an 18.8 per cent year-on-year growth in the number of international passengers carried to 29.2 million in September 2024 alone compared to 24.6 million in September 2023, while traffic volumes averaged 97.5 per cent in September 2019.
AAPA said revenue passenger per kilometres in September 2024 saw nearly 20 per cent year-on-year increase, which is a sign of strength on long-haul travel markets with 80.5 per cent average international passenger load factor.
It added that air cargo demand remained resilient heading into the year-end festive season despite a slowdown in the global manufacturing sector.
Menon cautioned the region's airline industry on the uncertainties from increasing geopolitical risks and rising trade protectionism.
"Although the overall decline in jet fuel prices this year has helped to moderate rising costs, airlines continue to face challenges in fleet renewal and network growth due to ongoing supply chain disruptions and aircraft delivery delays," he said.