Cathay Pacific saw double-digit increases in its cargo volumes for December and for the full year 2023, driven by strong year-end demand for e-commerce products and an uptick in animal and perishable goods transport.

The Hong Kong flag carrier said it carried 128,546 tonnes of cargo in December 2023, an increase of 20.7% compared with December 2022.

Month-on-month, December volumes are also higher than the 123,970 tonnes of cargo transported in November.

Last month's cargo revenue tonne kilometres (RFTKs) increased 14.1% year on year.

Meanwhile, Cathay said the cargo load factor decreased by 6.5 percentage points to 60.8%, while available cargo tonne kilometres (AFTKs) increased by 26.3% year on year.

The airline said for the full year of 2023, the tonnage increased by 19.6% against a 59.7% increase in AFTKs and a 40.3% increase in RFTKs, as compared with 2022.

"Our cargo business performed well in December and finished on a high, primarily driven by the strong year-end demand for e-commerce products," commented Lavinia Lau, chief customer and commercial officer at Cathay.

"Additionally, there was increased demand for perishable goods for the holiday season. December also saw a pickup in our Live Animal solutions, with significant numbers of racehorses being moved across our network in support of the Hong Kong international race events," she added.

"In total, we carried almost 1.4 million tonnes of air cargo throughout 2023, compared with about 1.2 million tonnes in 2022, which was an encouraging result," Lau further said.

Steady pick-up in air cargo 

Looking ahead, the Cathay Group remain committed to working towards fully rebuilding its flights after it made significant progress in 2023. 

"Despite the ongoing challenges that are affecting the entire global aviation industry, we are prepared to face them, as always, with determination," Lau said.

"The Lunar New Year is approaching, and this will mark another peak travel period when people celebrate and visit loved ones. We anticipate strong demand from late January until the end of the Lunar New Year holiday," she added.

"In terms of cargo, we expect demand to steadily pick up from the second half of the month, with the e-commerce demand on the Americas and European lanes remaining solid and local demand strengthening up to the Lunar New Year holidays," the Cathay chief customer and commercial officer, further said.