Passenger Demand Up 21.5% in February; Air Cargo Demand Soars, Maintaining Double-Digit Growth

Welcome back! This week we take look at a new report on single use plastics products, zoom in on Africa and the Middle East and go over the data as the strong start to 2024 continued in February. Let's get to it.

Air Cargo Demand Maintains Double-Digit Growth in February

New data for February 2024 global air cargo markets show continuing strong annual growth in demand.

Total demand, measured in cargo tonne-kilometers (CTKs*), rose by 11.9% compared to February 2023 levels (12.4% for international operations).

This is the third consecutive month of double-digit year-on-year demand growth.

Willie Walsh, IATA’s Director General:

"February’s demand growth of 11.9% far outpaced the 0.9% expansion in cross-border trade. This strong start for 2024 could see demand surpass the exceptionally high levels of early 2022. It also shows air cargo’s strong resilience in the face of continuing political and economic uncertainties."

Read more about February cargo numbers:

• Full Air Cargo Market Analysis: February 2024
• Air Cargo Demand Maintains Double-Digit Growth in February (press release)

Passenger Demand Up 21.5% in February

The strong start to 2024 continued in February.

Total demand, measured in revenue passenger kilometers (RPKs), was up 21.5% compared to February 2023. Total capacity, measured in available seat kilometers (ASK), was up 18.7% year-on-year. The February load factor was 80.6% (+1.9ppt compared to February 2023).

International demand rose 26.3% compared to February 2023; capacity was up 25.5% year-on-year and the load factor improved to 79.3% (+0.5ppt on February 2023).

Domestic demand rose 15.0% compared to February 2023; capacity was up 9.4% year-on-year and the load factor was 82.6% (+4.0ppt compared to February 2023).

Read more about February passenger numbers:

• Full Air Passenger Market Analysis: February 2024
• Passenger Demand Up 21.5% in February (press release)

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New Report on Single Use Plastics Products Focuses on Mitigation Strategies

The Reassessing Single Use Plastics Products in the Airline Sector report was recently released?to assist airlines, regulators, and the airline supply chain to mitigate the environmental impacts of single use plastic products (SUPP).

Collaboration across the aviation value chain is vital to enable the adoption of circular economy principles and to facilitate the reduction and replacement of SUPP that is necessary for reducing waste and increasing material recovery.

The report advocates for a sectoral approach to managing SUPP in aviation with a clear set of recommendations.

Learn more about the key recommendations.

Chart of the Week: Mixed Outcomes, Positive Outlook for the Middle East & Africa

What can load factors tell us about the outlook in Africa and the Middle East?

Load factors in the region improved significantly in 2023, as the number of origin-destination passengers reached 105% of 2019 levels, while the number of available seats reached 101%.

The load factor improvement across the majority of the countries in the Middle East and Africa region is supportive of improved financial performance.

Learn more about the #WeeklyChart and the positive outlook for the Middle East and Africa.

Thanks for reading! Safe travels and please consider sharing this newsletter.