Middle East air freight jumps 9.7pc
Geneva, July 2, 2013
Middle Eastern carriers carried 9.7 per cent more cargo in May this year compared to the same period last year, while the growth in the global air cargo market continued to flatline, said a report.
The air cargo demand in the region has grown 10.9 per cent for the year-to-date, said the International Air Transport Association (Iata) report.
Europe and particularly the Middle East were the standout year-on-year performers, but poor performance in Asia-Pacific and North America dragged growth down, it added.
The global stall appears to be the result of a recent softening in growth in developing economies, including China and a flat business confidence level globally, it said.
Global freight tonne kilometres increased just 0.8 per cent in May compared to the same period last year.
Capacity, however, increased by 2.1 per cent causing load factors to fall to 44.9 per cent, their lowest level since the post crisis recovery, it reported.
About 60 per cent of global air cargo utilises capacity in a passenger aircraft. Therefore, managing capacity at a time when growth in air travel is outpacing that of cargo is particularly challenging, it said.
“It is getting harder to find optimistic signs for air cargo growth. The Middle East remains a bright spot, and the rate of decline in the Eurozone is easing. But this is offset by the weakening of expansion in Asia-Pacific,” said Tony Tyler, Iata’s director general and CEO.
“Air cargo, along with many parts of the world economy, appears to be in suspended animation at the moment,” he said.
Gulf-based carriers have also been freighting goods that have arrived by sea earlier, said the report. In addition, new routes from the Gulf to Japan are set to benefit from an upswing in Japanese exports. - TradeArabia News Service