Air Freight Markets Continue Recovery
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The International Air Transport Association released data for global air freight markets in February showing a 2.9% increase in demand compared to February 2013. The first two months of 2014 have seen an overall 3.6% improvement in demand over the previous year. This continues the strengthening in cargo markets which began in the second half of 2013.
“Cargo has had a positive start to the year. There is good cause for measured optimism for the cargo industry’s prospects in 2014. The 3.6% growth in demand recorded over the first two months of this year is a significant step up from the 1.4% growth in demand over the whole of 2013,” said Tony Tyler, IATA’s Director General and CEO.
“There are, however, some serious trends which are not in the industry’s favor. Companies continue to ‘on-shore’ their manufacturing supply chains. The world’s top 20 economies implemented some 23% more protectionist measures last year than in 2009. These factors are a major part of the reason why we are not seeing trade growth of 5-6%, which we would expect to see at the current level of domestic production. Currently trade and domestic production growth is running at about the same level. The World Trade Organization’s agreement in Bali late last year gives hope for invigorated world trade. It’s important that governments keep their commitments,” said Tyler.
The vast majority of the growth in cargo was realized by airlines in the Middle East and Europe who recorded 11.9% and 5.5% growth respectively compared to the previous February.
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