Cathay Pacific said its cargo volumes grew by 20.3% year-on-year in November, mainly driven by seasonal sales events and year-end demand.

The Hong Kong flag carrier transported 123,970 tonnes of cargo last month, growing double-digit from the same period in 2022. 

This is, however, slightly lower month-on-month when Cathay carried 124,469 tonnes of cargo, which was also then driven by e-commerce demand.

In September, Cathay handled 119,963 tonnes of cargo, and it transported 116,919 tonnes of air freight in August.

Cathay said in November, cargo revenue tonne kilometres (RFTKs) increased 14.2% year on year.

The cargo load factor decreased by 5.8 percentage points to 61.1%, while available cargo tonne kilometres (AFTKs) increased by 25.1% year on year.

In the first 11 months of 2023, the tonnage increased by 19.5% against a 64.2% increase in AFTKs and a 43.6% increase in RFTKs, as compared with the same period for 2022.

"Air cargo demand got stronger in November as we reached the middle of the peak season," said Lavinia Lau, chief customer and commercial officer.

"Tonnage grew around 20% compared with the same month in 2022, largely driven by seasonal sales events such as ‘Singles’ Day’ and ‘Black Friday’, the Thanksgiving holidays, as well as year-end demand as we approach the Christmas holiday period."

Aside from e-commerce, Lau noted that demand was also robust in traditional air cargo commodities such as high-end electronics, automotives and perishables.

Looking ahead, the Cathay executive signalled optimism for continued cargo volume expansion through the end of the year, owing to expectations of more holiday demand.

"In terms of cargo, the outlook for December continues to be positive. We expect demand to remain strong through to the beginning of the year-end holidays," Lau said.