Hong Kong International Airport reported another month of cargo decline in November as global economic headwinds and disruptions to supply chains continued to weigh on freight demand.
Hong Kong International Airport — the world's busiest airport — said for the month, cargo throughput was down 25.9% year-on-year to 354,000 tonnes. This is, however, slightly better than the 351,000 tonnes recorded in October, which was also down 23.9% compared to the same October period in 2021. Cargo throughput reached 341,000 tonnes in September.
The Airport Authority of Hong Kong said North America and Europe saw the most significant decreases in terms of cargo volume.
Meanwhile, flight movements for November also declined by 8.3% to 13,645 — better than the 12,575 seen in October.
Economic uncertainties, geopolitical tensions weigh on cargo
"Cargo volume continued to be impacted by global economic uncertainties, ongoing geopolitical tensions and disruptions to global supply chains," AAHK said in a statement, adding that both imports and exports showed significant declines compared to the same month last year.
Over the first 11 months of the year, the airport handled 3.8 million tonnes, which is 15.4% lower than the same period in 2021. Flight movements also dropped by 5.7% to 122,930.
On a 12-month rolling basis, cargo throughput declined 13.3% year-on-year to 4.3 million tonnes, while flight movements also dropped by 3.9% to 13.3%.
AAHK said the airport handled 1.05 million passengers in November, representing a 769.6% surge or around 7.7 times, compared to the same month last year.
The relaxation of inbound and outbound travel restrictions led to significant increases in Hong Kong residents and visitors, compared to November 2021.
Traffic to and from Southeast Asia and Japan experienced the most significant increases compared to other regions, AAHK said.
