KUALA LUMPUR: The outlook for air travel demand remains positive with a full recovery to pre-pandemic levels expected in 2024, said the Association of Asia Pacific Airlines.
AAPA director general Subhas Menon said Asia Pacific airlines saw a healthy growth in international passenger demand throughout 2023 in line with the restoration of flight frequencies and connectivity.
"Nevertheless, amid intensifying competition, airlines continue to be vigilant over costs, given fluctuations in oil prices as well as exchange rate volatility," he said in a statement.
AAPA's preliminary report showed that international passenger markets showed solid expansion in November 2023 with healthy travel demand driven by continued recovery in tourism across the region.
It said a total of 25.1 million international passengers flew on Asia Pacific airlines from January to November 2023, representing a strong 76.9 per cent increase compared to November 2022 and 80.9 per cent in the same month in 2019.
Traffic in revenue passenger kilometres (RPK) rose by 66.9 per cent year-on-year outpacing a 61.3 per cent expansion in available seat capacity while passenger load factor stood at 79.6 per cent in Nov 2023.
Air cargo also saw an 8.4 per cent year-on-year growth in November 2023 driven by higher demand for consumer goods during the year-end festive period.
"Subdued economic conditions have resulted in a 4.2 per cent overall decline in air cargo demand for the first 11 months of 2023 despite some growth in volumes since September," Subhas said, adding that uncertainties remain for air cargo as new export orders are still in decline.