Capacity in the region was 5.2pc higher, and the load factor fell 1.1 percentage points to 79.2pc.
The strong 2018 forecast is fueled by IATA's projection that the number of airline passengers will increase 6% next year to 4.3 billion, helping revenue jump 9.4%, to $824 billion. Capacity rose 8.4 percent, and load factor increased 1.3 percent.
Traffic has been heavily affected by the now-lifted ban on portable electronic devices, as well as from the proposed travel bans to the US.
Passenger traffic demand rebounded in October after weather-related disruptions impacted September's numbers, IATA said in its monthly update. In September, global passenger demand had increased 6.6 percent from the previous month. Inbound travel to the United States seems to be deterred by the additional security measures now involved with travelling to that country.
All major aviation markets saw profit growth, with levels in Asia trailing those of Europe and North America, where forecasts were US$11.5 billion and US$16.4 billion respectively. This may indicate spillover from the impact of Hurricanes Irma and Maria. That part of the world also "remains the only worldwide market not to have grown in annual terms this year". The association expects the faster demand growth to push average load factor to a record 81.4%, which it expects to boost yields by 3%.
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This is especially impressive considering that October was the 38th consecutive month of double-digit passenger percentage growth for India.
While North America will remain by far the biggest contributor to profit next year, according to IATA, its share of the total will fall below half.
The robust performance would equal the highs of 2015, led by three state-owned Chinese airlines and despite the difficulties faced by two of the region's most prominent carriers, Cathay Pacific Airways and Singapore Airlines. While economic conditions have shown strong improvement over the past year or so, the upward trend in seasonally-adjusted traffic has slowed considerably since May. Airlines saw traffic grow 7.5 percent, capacity 3.4 percent, and load factor increased 2.7 percent.
Brazil's domestic market climbed 7.7% year-on-year in October, which was a 27-month high as the economy slowly continues to recover from the deep recession of recent years.
Projecting these figures into the future, IATA predicted that China will be the largest aviation market in the world by 2025, with the U.S. in second position and India in third.