Driven by weak business confidence levels, the Asia-Pacific air cargo business in May 2023 continued to suffer from subdued demand conditions, according to the Association of Asia Pacific Airlines (AAPA). Preliminary air cargo traffic figures for May showed that in freight tonne kilometre (FTK) terms, air cargo demand fell by 7% year-on-year in May. Offered capacity rose by 6%, leading to an 8.5 percentage point decline in the average international freight load factor to 60.1% for the month. However, AAPA added that international passenger markets continued to grow strongly amidst the restoration of flights in the region, resulting in increased belly capacity, as per a report.
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