IATA Reports Airline Traffic Surpasses Pre-Covid Levels in February

For the first time since the onset of the Covid-19 pandemic, global airline traffic among IATA's member airlines in February has finally soared past pre-Covid levels, according to data released by the International Air Transport Association (IATA) on April 4th. This milestone was achieved with the help of 2024 being a leap year, providing an extra day in February, which contributed to a 5.7% increase in passenger traffic, measured in revenue passenger kilometers (RPKs), compared to February 2019.

The report highlights a robust recovery across all regions, with international RPKs marginally exceeding 2019 levels by 0.9%, and domestic traffic witnessing a significant 13.7% uplift. Overall, global RPKs saw a year-on-year surge of 21.5% in February, signaling a strong upward trend in air travel demand.

Asia-Pacific airlines have played a pivotal role in driving these impressive year-on-year traffic increases, marking a 38% growth in February, including over 50% growth in international markets. However, this region remains the sole group lagging behind 2019 international traffic figures, primarily due to the gradual reintegration of China's overseas connectivity since its reopening in early 2023.

China's vast domestic market has been a crucial factor, with local and global domestic traffic consistently outpacing pre-Covid levels and year-ago figures. The lunar new year travel period, aligning with February this year and in 2019, further bolstered these numbers, despite falling in January in 2023.

Even as some international airline markets begin to stabilize after the post-Covid restrictions surge, IATA observes "resilient" traffic figures that point towards continued growth across the sector.

On the cargo front, IATA reported an 11.9% year-on-year increase in demand for February, marking the third consecutive month of double-digit growth. This uptick in air cargo demand reflects the thriving international traffic, fueled by the explosion of e-commerce and, to some extent, a growing interest in sea-air services amid ongoing maritime shipping constraints. However, cargo yields and load factors experienced a decline in February, amidst rising fuel costs.

IATA's findings, which encompass approximately 320 member airlines accounting for around 83% of global RPKs in 2023, exclude many of the world's leading low-cost carriers. The leap year's influence on the February figures implies that the upcoming March data will provide a clearer picture of whether airline passenger traffic has fundamentally exceeded pre-Covid benchmarks, offering further insights into the aviation industry's resilient recovery trajectory.