The global air cargo market experienced 5.4 percent year-over-year growth in November to reach a level not seen since 2010, when the demand rebounded strongly, following the worldwide recession, says the International Air Transport Association (IATA).
“We are now back to levels of demand not seen since the 2010 post-recession bounce-back. But the industry is still in the hot seat and under pressure to improve its value offering,” said IATA Director General Tony Tyler.
October volumes, at around 16.8 billion FTKs, were up 0.7% from the air freight volumes in September. The growth was mainly driven by an improvement in “world trade and business activity which have been evident since the summer,” said IATA.
Despite the steady worldwide growth, regional difference is a point of concern, warns IATA. For instance, European carriers continued to perform weakly, compared to other carriers. They saw only 1.4 percent growth in November mainly due to economic uncertainty and the impact of Russia-Ukraine crisis.
In comparison, Asia-Pacific carriers experienced 6.7 percent growth, thanks to the shipments of the iPhone6 and the robust export volumes from emerging Asian countries. However, slow growth of Chinese economy could affect air cargo in the coming months, warned IATA.
Growth slowed slightly for North American carriers, from 5.4 percent in September to 3.1 percent in November. Nevertheless, the “underlying indicators are positive, which bodes well for increased cargo growth in the future,” said IATA.
Middle-Eastern carriers continued to experience the strongest gain, with the demand growing 13 percent year-over-year. Meanwhile, African and Latin American airlines saw respectively 9.6 percent and 4.1 percent growth in November, according to IATA.
Although the global air freight market is going strong, the industry is “still in the hot seat and under pressure to improve its value offering. Customer expectations have evolved dramatically,” said Tyler.
Co-Founder, Gogroups Ltd, USA