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Korea’s airlines balance sheets buoyed by fast growing Chinese e-commerce
November 28th 2024
Korean Air (KAL) and Asiana Airlines are enjoying larger earnings from increased cargo volume generated by Chinese e-commerce firms in the region, The Korea Times reports. Read More » South Korea’s Ministry of Land, Infrastructure and Transport said goods transported by a group of 11 local carriers on international flights reached 2.33 million tons in the first 10 months of this year, a 12.4% increase compared with 2023. Market leader KAL recorded a 22% increase in cargo sales from July to September, it said. Buoyed by the air cargo growth, the flag carrier delivered record quarterly sales of 4.24 trillion won (US$3.02 billion) in the quarter to September 30, a 10% rise against same months last year. Industry officials attributed the growth to the Korean shopper’s access to Chinese e-commerce platforms, particularly AliExpress and Temu. Chinese e-commerce platforms are forecast to continue to be strong drivers of cargo revenue for the country’s major airlines.
