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Friday, January 10, 2014

Middle East Continues to Dominate Global Air Cargo Market

Woodrow Bellamy III 

Middle East carriers are continuing to dominate the global air cargo market, as airlines in the region reported a 16.5 percent year-on-year increase in November air cargo traffic, according to the latest report issued by the International Air Transport Association (IATA) on Thursday, Jan. 9. 
The 16 percent annual increase in November was an improvement over the region's October performance, which saw a 4.4 percent increase over air cargo traffic over the previous year in the region. European airlines posted the second highest year-on-year growth with a demand expansion of 8 percent.
Asia Pacific region carriers, which account for 40 percent of global air cargo traffic, posted a 4.9 percent increase over the previous year, IATA reports.
Tony Tyler, director general and CEO of IATA, said the uptick is a welcome development in a weak-performing market where overall volumes — when adjusted for seasonality — are still well below the peaks reached in 2010 and 2011. 
“The November results are encouraging — particularly for carriers in the Asia-Pacific region. This good news is largely being driven by improving economic prospects in China along with an overall boost on Asian trade routes,” said Tyler.
IATA credits the Asia Pacific region growth to a rebound in Asian trade volumes and the improving economy in China, while Europe's growth was ruled by a slow recovery in the Eurozone. 
North American airlines reported a 2.5 percent improvement in airfreight demand for November, which was a decline from the 5.3 percent increase reported for October.

Latin America and Africa were the only two regions to post declines in airfreight demand for November. 

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