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October 13, 2017
Global air cargo sees double-digit growth in August
According to data from the International Air Transport Association (IATA), global air cargo volumes increased by 12.1% in August 2017, compared to the same period a year ago. This was the fifth time in six months of double-digit gains on the previous year's performance.
IATA notes that demand is growing at exceptional speed when compared to the five-year average growth rate of 4.4%. The strong performance of air freight demand corresponds with the pick-up in global trade. World trade volumes grew 4.2% in the first seven months of 2017 compared to 2016, their strongest performance since 2011.
All regions with the exception of Latin America posted double digit freight growth in August. North American carriers posted an increase in freight volumes of 11.7% and European airlines saw an 11.8% increase in their freight demand. Asia-Pacific airlines' freight volumes grew 11.3% and Middle Eastern carriers' year-on-year freight volumes increased 14.1%. Latin American airlines experienced a growth in demand of 8.5% and African carriers posted the largest year-on-year increase in demand of all regions in August 2017 with freight volumes growing 29.4%.
"Air cargo had another stellar performance in August. Demand for air cargo grew at a double-digit rate for the fourth month in a row - outperforming demand for passenger travel for the fourth consecutive month. Rapid growth in cargo demand means that cargo capacity is now growing in response to real cargo demand rather than automatically as carriers responded to passenger demand. The pace of capacity growth, however, has slowed even as freighter fleets are being utilized more intensely. Overall, that should be good news for much beleaguered cargo yields," said Alexandre de Juniac, IATA's Director General and CEO.
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