Singapore Driving Traffic Gains in ASPAC
Business aviation departures in the Asia-Pacific region jumped 25.6 percent year-over-year in the second quarter, with gains driven by Southeast Asian countries, according to Global Sky Media’s second-quarter report. Formerly known as Asian Sky Media, Global Sky Media cited WingX traffic data that pointed to growth in activity in Singapore, Malaysia, and Thailand in particular.
Singapore, Global Sky Media added, experienced “exceptional growth,” up 267 percent year-over-year in May alone. However, at the same time, Greater China’s flight activity hit a record low.
Many countries in the region began loosening restrictions in April and May, and the region become more proactive in business development, all of which boosted regional business jet activity back to and, in some cases, beyond pre-pandemic levels.
However, despite the promising market demands, Global Sky Media’s quarterly survey found the mood remains lower with China’s optimism at 60 percent. “We’ve seen another uptick in pessimism since Q1,” Global Sky Media reported. The Ukraine conflict and economic uncertainty both are playing into this, it added.
Even so, the survey also found respondents believe market demand will bounce back in the next six months. In addition, brokers believe the region remains a seller’s market for business aircraft.