Tuesday, June 18, 2024 Today, the Association of Asia Pacific Airlines (AAPA) announced that Asia Pacific airlines have remarkably recovered in 2023 with a significant turnaround in financial performance. After three years of financial downturns, these airlines collectively posted net earnings of US$8.8 billion for the year, fueled by robust demand for travel in both leisure and business sectors across regional and global markets.
The removal of the last travel restrictions from the pandemic era significantly boosted travel activity in 2023. This resurgence led to a 130.7% surge in international passenger traffic, quantified by revenue passenger kilometers (RPK).
On the flip side, international air cargo demand, measured by freight tonne kilometers (FTK), declined by 2.8% year-over-year, affected by economic inflation, a strong US Dollar, and a reduced demand for goods. In terms of revenues, Asia Pacific carriers recorded US$198.
1 billion in 2023, marking a 54.8% increase from the US$128.0 billion in 2022.
Passenger revenues soared by 105.4% to US$151.5 billion, thanks to the substantial rise in passenger volumes.
However, as flight operations expanded, passenger yields fell by 6.7% to 8.6 US cents per RPK.
Conversely, total cargo revenues declined significantly by 43.3% to US$21.0 billion in 2023, amid softening trade activities and declining freight rates, with cargo yields falling 41.
7% to 33.6 US cents per FTK. Despite this drop, cargo yields were still higher than pre-pa.
