Mideast freight market grows 9.4pc in July
GENEVA, 15 days ago
The Middle Eastern freight markets expanded 9.4 per cent in July, a strong performance despite the impact of Ramadan, said the International Air Transport Association (Iata).
Regional airlines are capturing growth opportunities by opening routes to fast-developing economies such as Mexico and Uganda, as the capacity rose 7.8 per cent, said Iata.
The global air freight markets showed a strong increase in air cargo in July, up 5.8 per cent compared to the same period last year, it said.
The acceleration in growth is notable compared to June when cargo demand grew at less than half that rate, said the report.
After a slowdown at the start of the year, global business confidence and trade showed signs of improvement, especially in the Asia-Pacific region, it said.
The global air cargo volumes have now surpassed their previous July peak, in 2010, and look set to continue to increase.
However, European air freight grew just 1.8 per cent, reflecting the effects of the Russia-Ukraine crisis, including the impact of mounting economic sanctions, which is adding to economic weakness in the Eurozone.
Tony Tyler, Iata’s director general and CEO, said: “Overall, July saw growth accelerate. That’s good news and it reflects the continued strengthening of business confidence at a global level. But the air cargo industry is moving at two speeds with a sharp divide in regional performance.
“European carriers reported anaemic growth of just 1.8 per cent while all other regions reported solid gains of 5% or more on the previous year. In particular, the 7.1 per cent growth reported by airlines in Asia-Pacific is encouraging as it demonstrates a recovery in trade and a positive response to China’s economic stimulus measures.” - TradeArabia News Service