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Asia Pacific Airlines Soar: Strong Start in 2024 for Cargo and Passengers in Asia Pacific

In January 2024, Asia Pacific airlines saw a strong start for both cargo and passengers, as reported by the Association of Asia Pacific Airlines (AAPA). International freight experienced robust growth, driven by high demand before the Lunar New Year. Freight tonne kilometres (FTK) increased by 22.5% year-on-year, extending the recovery seen in late 2023. However, freight capacity growth surpassed demand, with belly-hold capacity rising by 25.8%, leading to a slight decrease in load factors. The region's airlines carried 27.0 million international passengers in January, a 49.4% increase from the previous year, reaching 82.0% of 2019 levels. AAPA Director General Subhas Menon expressed optimism for the year ahead, noting the positive economic outlook and airlines' proactive approach in seeking growth opportunities while addressing cost and competition challenges.

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CCFI Summary week 14

Ocean freight rates decreased via North America East Coast (-3.9% week-over-week), North America West Coast (-2.8%), Europe (-0.7%), and Korea (-1.9%).

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