Cathay Pacific Soars in Passenger and Cargo Traffic in 2023

Cathay Pacific, a major player in the global aviation industry, has released its traffic figures for December 2023, showcasing a year of significant recovery and strategic growth. In 2023, the Cathay Group, comprising Cathay Pacific and HK Express, achieved a remarkable feat by transporting over 20 million passengers, a stark contrast to the approximately three million passengers carried in the entirety of 2022.

In December 2023 alone, Cathay Pacific carried 1,779,457 passengers, marking a 122.1% increase compared to December 2022. However, the passenger load factor slightly dipped by 2 percentage points to 81.2%. This decrease was set against a backdrop of substantial increases in available seat kilometres (ASKs) and revenue passenger kilometres (RPKs), which rose by 94% and 89.3% respectively. Throughout 2023, the airline witnessed a dramatic surge in passenger traffic, with a 541.5% increase in passengers carried, outpacing the 326.8% rise in ASKs and a 396.8% boost in RPKs compared to 2022.

Cathay Pacific's cargo division also displayed robust performance. December 2023 saw a 20.7% increase in cargo carried, reaching 128,546 tonnes. Cargo revenue tonne kilometres (RFTKs) grew by 14.1% year-on-year. Despite these gains, the cargo load factor experienced a decrease of 6.5 percentage points, settling at 60.8%, amid a 26.3% year-on-year increase in available cargo tonne kilometres (AFTKs). For the full year of 2023, the airline reported a 19.6% rise in tonnage, against a 59.7% increase in AFTKs and a 40.3% increase in RFTKs, compared to 2022.

Lavinia Lau, Cathay Pacific's Chief Customer and Commercial Officer, reflected on the airline's performance in December, traditionally the peak travel season. The airline observed strong demand for short-haul leisure destinations, particularly in Japan and Southeast Asia. The U.S. and Southwest Pacific regions showed robust demand in early December, while travel from the United Kingdom surged, coinciding with the peak period for international students returning to Hong Kong. The seasonal Christchurch service, resumed last month, also proved popular, boosting transit traffic from the Philippines and the United Kingdom.

The cargo business concluded the year on a high note, driven by strong year-end demand for e-commerce products and perishable goods for the holiday season. The airline also experienced a spike in its Live Animal solutions, notably in transporting racehorses for Hong Kong international race events.

Looking ahead to 2024, Cathay Pacific remains committed to rebuilding its flights and delivering high-quality, reliable services. The Lunar New Year is expected to be another peak travel period, with strong demand anticipated from late January until the end of the holiday. The airline is also excited to announce the resumption of its popular Barcelona service in June.

In terms of cargo, the airline anticipates a steady uptick in demand, particularly for e-commerce on the Americas and European lanes, and local demand strengthening up to the Lunar New Year holidays.

Cathay Pacific's 2023 performance indicates a strong rebound and strategic growth in both passenger and cargo sectors. The airline's proactive measures, network optimization, and customer-focused initiatives have placed it on a trajectory for continued success in 2024. Despite the challenges facing the global aviation industry, Cathay Pacific's resilience and strategic planning demonstrate its readiness to navigate these complexities and sustain its growth momentum.