Cathay Pacific reported another month of double-digit cargo growth in September, driven by continued e-commerce growth and surging demand for high-tech and electronic goods ahead of the traditional peak season.

The Hong Kong flag carrier handled 133,079 tonnes of cargo in September 2024, an increase of 10.9% compared with September 2023.

Last month's cargo throughput was also higher compared to the 124,236 tonnes of cargo that the carrier reported in August.

September's cargo volume was also up compared to the 126,797 tonnes of cargo in July, the 124,568 tonnes of cargo recorded in June, the 121,088 tonnes handled in May and 117,428 tonnes of cargo transported in April.

"Turning to cargo, demand strengthened in September as we moved into the traditional peak season, with tonnage 7% higher than August and 11% above September last year," said Lavinia Lau, chief customer and commercial officer.

"In terms of cargo carried, we observed an uptick in our Cathay Fresh shipments from South West Pacific, Southeast Asia and North America into Hong Kong and the Chinese Mainland, driven by increased demand during the Mid-Autumn Festival."

"There was also an increase in shipments through our Cathay Priority solution due to growing demand for time-sensitive shipments to the Americas and Europe. From the Greater Bay Area, e-commerce shipments continued to be the key driver of our export tonnage," Lau added.

For September, cargo revenue tonne kilometres (RFTKs) increased 4.9% year on year.

The cargo load factor decreased by 2.4 percentage points to 58.7%, while available cargo tonne kilometres (AFTKs) increased by 9.3% year on year.

In the first nine months of 2024, Cathay said the tonnage increased by 9.9% to a total of 1,103,576 tonnes, against an 8.9% increase in AFTKs and a 3.4% increase in RFTKs, as compared with the same period for 2023.

Robust air cargo peak season

Looking ahead, Cathay Pacific maintained its rosy peak season outlook for its cargo business.

"For cargo, we expect demand to be robust during the traditional peak season, driven by e-commerce, high-tech and electronic goods from the Chinese Mainland, Southeast Asia and India, as well as perishables from South West Pacific and the Americas,"  Cathay's chief customer and commercial officer said.