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 Business

Air freight market up 5.9 pct in October

2nd December, 2017

KUALA LUMPUR: The International Air Transport Association’s (IATA) data for global air freight market released Friday showed that demand, measured in freight tonne kilometres, rose 5.9 per cent in October 2017 compared to the year-earlier period.

In a statement yesterday, IATA said, this was a slowdown from the 9.2 per cent annual growth recorded in September 2017 but still exceeded the average annual growth rate of 3.2 per cent over the past decade.

It said freight capacity, measured in available freight tonne kilometres, rose by 3.7 per cent year-on-year (yoy) in October.

The association, which represents some 275 airlines comprising 83 per cent of global air traffic, said this was the 15th consecutive month in which demand growth outstripped capacity growth, which was positive for load factors, yields and financial performance.

IATA said freight volumes were still expected to grow in 2018, although at a slower pace than in 2017.

“Demand for air freight grew by 5.9 per cent in October. And tightening supply conditions in the fourth quarter should see the air cargo industry deliver its strongest operational and financial performance since the post-global financial crisis rebound in 2010,” said Alexandre de Juniac, IATA’s Director General/Chief Executive Officer.

As for regional performance, IATA said, airlines in all regions reported an increase in total yoy demand in October. However, in contrast, international freight growth slowed in all regions except Africa, it said.

It said Asia-Pacific airlines saw freight volumes increased by 4.4 per cent and capacity expanded by 3.9 per cent in October 2017, compared to the same period last year.

“Demand for freight is now around three per cent higher than the peak reached in the post-financial crisis rebound in 2010.

“The region’s manufacturers continue to enjoy buoyant order books. And the major exporters in China and Japan are reporting growing backlogs supported in part by stronger economic activity in Europe,” it said. –Bernama

   
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