African airlines ‘ cargo volumes up 2.9%, passenger traffic 25.3% in October

By Chinelo Obogo

The International Air Transport Association (IATA) released data for October 2023 global air cargo markets and passenger traffic, showing African airlines cargo volumes rose 2.9 per cent with passenger traffic up 25.3 per cent in October.

African airlines saw their air cargo volumes much improved compared to September’s performance (-0.1 per cent). Carriers in the region benefitted from the strongest annual growth since May (+16.7 %). Capacity was 9.8 per cent above October 2022 levels.

The body said African airlines also saw a 25.3 per cent traffic increase in October 2023 versus a year ago. October capacity was up 32.4 per cent causing the load factor to decline 4.0 percentage points to 70.3 per cent, lowest among the regions.

Asia-Pacific airlines saw an 80.3 per cent increase in October 2023 traffic compared to October 2022, continuing to lead the regions. Capacity climbed 72.5 per cent and the load factor increased by 3.6 percentage points to 82.9 per cent.

Global demand, measured in cargo tonne-kilometres  increased by 3.8 per cent compared to October 2022. For international operations, the demand lagged slightly at 3.5 per cent.  After a continuous 17-month decline, cargo yields ticked-up in September and continued into October with a 2.6 per cent month-on-month gain, remaining well-above pre-pandemic levels.

IATA’s Director General, Willie Walsh, said: “Demand for air cargo was up 3.8 per cent in October. That marks three consecutive months of year-on-year growth, placing air cargo on course to end 2023 on a much stronger footing than it began the year. Recovering demand, slightly stronger yields and the uptick in trade are all good news.

But with demand still 2.4 per cent below pre-pandemic levels, and much uncertainty remaining over the trajectory of the global economy, optimism must be balanced with caution. Nonetheless, a continued strong peak year-end season will certainly help the sector to manage through whatever turns the global economy might take in 2024.”

On the increased passenger traffic, Walsh said: “October’s strong result brings the industry ever closer to completing the post-pandemic traffic recovery. Domestic markets remain above pre-COVID levels. International demand is recovering, but more slowly. In particular, Asia Pacific carriers’ international demand is 19.5 per cent behind 2019. This could reflect the late lifting of COVID restrictions in parts of the region as well as commercial developments and political tensions.”