The cargo division of Cathay Pacific continued to grow in April 2026, posting an 8% increase in cargo volumes compared with the same month last year, even as the industry continues to deal with higher fuel costs and geopolitical pressure linked to the Middle East.
Demand was particularly strong on routes to the Americas, while inbound flows into Hong Kong also held up well. Growth was supported by semiconductor shipments within Asia, technology-related exports from the Americas, and pharmaceutical cargo moving from Europe to mainland China.
Despite this positive momentum, Cathay said operating conditions remain under pressure, mainly due to elevated jet fuel prices linked to ongoing tensions in the Middle East. These cost increases continue to weigh on the wider aviation and cargo environment.
The airline also highlighted a recent network expansion as a supporting factor for future growth, with Bangkok now integrated into its freighter operations, strengthening its presence in Southeast Asia and improving regional connectivity.
Cathay Chief Customer and Commercial Officer Lavinia Lau described April as a “mixed picture,” with strong travel demand and healthy cargo performance, but persistent pressure from fuel costs.
She noted that passenger demand was especially strong during holiday periods such as Easter, while Hong Kong also benefited from major events like the Cathay/HSBC Hong Kong Sevens and seasonal “Golden Week” travel, which boosted both inbound and outbound traffic.
Business travel also remained steady, supported by exhibitions and trade events in Hong Kong, which continued to attract visitors from across Cathay’s network.
On the passenger side, the airline carried 17% more passengers in April 2026 compared with the same month in 2025, while capacity rose 15%. Over the first four months of the year, passenger numbers were up 19% year-on-year.
In cargo terms, volumes increased 8% year-on-year in April, with available freight capacity up 7%. Year-to-date figures also show an 8% rise in total tonnage compared with the same period last year.
Looking ahead, Cathay expects demand to remain relatively stable into May, helped by post–Golden Week momentum, although it has observed customers booking closer to departure dates, reflecting a more cautious and flexible market environment.
Even with fuel volatility and geopolitical uncertainty in the background, the airline said it remains on track to meet its 2026 growth targets, supported by flexible capacity management and steady demand across key cargo routes.
