IATA says 2024 is off to a strong start despite economic and geopolitical uncertainties
Key specifications from January 2024 have signalled a strong start for the year ahead, according to latest data by International Air Transport Association (IATA).
In a press statement, IATA says that the overall total demand, measured in revenue passenger kilometres (RPKs), was up 16.6 pc. This was handled with an uptick in total capacity, measured in available seat kilometres (ASK), by 14.1 pc while the load factor was 79.9 pc.
Figures suggest that international demand rose higher at 20.8 pc, while capacity was up 20.9 pc and the load factor remained at 79.7 pc. Domestic demand rose 10.4 pc, capacity was up 4.6 pc and the load factor increased by a strong 80.2 pc.
Willie Walsh
“2024 is off to a strong start despite economic and geopolitical uncertainties. As governments look to build prosperity in their economies in the busiest election-year ever, it is critical that they see aviation as a catalyst for growth. Increased taxes and onerous regulation are a counterweight to prosperity. We will be looking to governments for policies that help aviation to reduce costs, improve efficiency and make progress towards net zero carbon dioxide emissions by 2050,” says Willie Walsh, Director General, IATA.
The aviation association says that Asia-Pacific airlines dominated the growth with a 45.4 pc increase in January 2024 traffic compared to January 2023. Capacity climbed 48.1 pc and the load factor plummeted by 1.5 pc points to 82.6 pc.
The statement adds that the exceptionally strong growth rate is largely attributable to China which was in the early stages of lifting pandemic travel restrictions in January 2023. The recovery in major international routes to/from Asia-Pacific is still lagging, but routes such as Asia-Middle East have exceeded pre-pandemic levels.
Notably, African airlines saw a 18.5 pc traffic increase in January 2024 versus a year ago. January capacity was up 19.2 pc causing load factor to decline 0.4 percentage points to 73.3 pc, the lowest among the regions.
Latin American airlines’ traffic rose 17.9 pc compared to the same month in 2023. January capacity climbed 13.2 pc, pushing the load factor up 3.4 percentage points to 86 pc, the highest among the regions.
The statement adds that for European carriers, January 2024 traffic rose 10.8 pc versus January 2023. Capacity increased 10.7 pc, and the load factor edged up 0.1 percentage points to 77.3 pc. Routes between Europe and North America have rebounded particularly strongly from the pandemic and stand 6.5 pc higher than in January 2020.
IATA says that Middle Eastern airlines posted a 16.2 pc rise in January 2024 traffic compared to a year ago. Capacity rose 15.7 pc and load factor climbed 0.4 percentage points to 79.9 pc.
For North American carriers, a 12.3 pc traffic rise in January 2024 versus the 2023 period was noted. Capacity also increased 13.7 pc, and load factor fell 1 percentage point to 79.4 pc, the statement adds.
