AAPA: Passenger, cargo markets hold firm despite global uncertainties

Preliminary April 2026 traffic figures released by the Association of Asia Pacific Airlines (AAPA) showed stable international passenger demand, with growth moderating amid heightened geopolitical and economic uncertainties. Asia Pacific airlines flew an aggregate total of 32.4 million international passengers in April, broadly unchanged compared to the same month last year. In revenue passenger kilometre (RPK) terms, demand nevertheless increased by 3.3% year-on-year, reflecting relatively firmer traffic on longer-haul routes. Available seat capacity increased by a marginal 1.4% year-on-year, as capacity growth was restrained in the wake of sharply higher fuel costs. As a result, international passenger load factors remained high, averaging 84.8% for the month, up by 1.6 percentage points. Meanwhile, the conflict in the Middle East resulted in supply chain disruptions and higher prices for goods, prompting accelerated stockpiling activity as businesses and consumers sought to secure products ahead of further cost increases. This, in turn, lent support to air cargo market growth. International air cargo demand, as measured in freight tonne kilometres (FTK), increased by 4.1% year-on-year in April. Offered freight capacity expanded by 4.4%, resulting in a 0.2 percentage point decline in the average international freight load factor to 60.5% for the month. Wong Hong Commenting on the results, Wong Hong, AAPA Director General, said, “International passenger traffic continued to show resilience in April, supported by sustained demand on longer-haul routes. Overall, Asia Pacific airlines carried a combined total of 135 million international passengers during the first four months of the year, representing a 5.1% increase compared to the corresponding period last year. Meanwhile, the start of the second quarter saw accelerated expansion in global manufacturing activity, with increased purchases of consumer and intermediate goods driving demand for air shipments. Growth in April helped lift international air cargo demand during the first four months of 2026 to 5.3%.” Wong Hong added, “The conflict in the Middle East continues to add volatility to energy markets, keeping jet fuel prices elevated and further intensifying cost pressures for airlines. In April, jet fuel prices rose to an average of US$165 per barrel, reaching levels last seen in 2022 following the onset of the Russia – Ukraine war.” Looking ahead, Wong Hong said, “Despite signs of the conflict easing, growing macroeconomic uncertainty, coupled with inflationary pressures continue to weigh on the outlook for both passenger and air cargo markets in the months ahead. Nevertheless, Asia Pacific airlines remain vigilant in managing costs and carefully deploying capacity to optimise yields and profitability in this challenging operating environment, without compromising safety standards.” For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Sally Passey at [email protected]