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Global air freight volumes rise by 0.5pc in October, says IATA report
GLOBALLY, air cargo volumes increased 0.5 per cent in October compared to a year ago, falling back from September's faster growth rate, according to data published by the International Air Transport Association (IATA).
Middle Eastern freight carriers saw demand measured by freight tonne kilometres expand 8.3 per cent, and capacity rise 11.6 per cent during October. However, air cargo growth in the region continues to trend well below the rates achieved in the first half of the year.
European carriers have driven recent improvements in air cargo growth, but they ran out of steam in October with a rise of just 0.2 per cent year on year.
The most significant decline in cargo activity was experienced by North American carriers, who recorded a 2.4 per cent decline in volumes. In Latin America volumes were down 8.1 per cent, and decreased by 1.1 per cent in Africa, while Asia-Pacific volumes rose marginally by 0.3 per cent.
"The outlook for air cargo continues to be very difficult. While there was some optimism from third quarter growth it has all but disappeared as the industry basically flat-lined," said director general Tony Tyler, former CEO of Hong Kong's Cathay Pacific Airways.
"Cargo capacity has grown largely in lock-step with the continued robust demand for passenger travel. As a result, freight load factors have sunk to the 44 per cent range - a level not seen since 2009. Early signs of improvement in export orders may bode well for trade and air cargo but this is unlikely to prevent air cargo finishing 2015 on a low note," said Mr Tyler.
Middle Eastern freight carriers saw demand measured by freight tonne kilometres expand 8.3 per cent, and capacity rise 11.6 per cent during October. However, air cargo growth in the region continues to trend well below the rates achieved in the first half of the year.
European carriers have driven recent improvements in air cargo growth, but they ran out of steam in October with a rise of just 0.2 per cent year on year.
The most significant decline in cargo activity was experienced by North American carriers, who recorded a 2.4 per cent decline in volumes. In Latin America volumes were down 8.1 per cent, and decreased by 1.1 per cent in Africa, while Asia-Pacific volumes rose marginally by 0.3 per cent.
"The outlook for air cargo continues to be very difficult. While there was some optimism from third quarter growth it has all but disappeared as the industry basically flat-lined," said director general Tony Tyler, former CEO of Hong Kong's Cathay Pacific Airways.
"Cargo capacity has grown largely in lock-step with the continued robust demand for passenger travel. As a result, freight load factors have sunk to the 44 per cent range - a level not seen since 2009. Early signs of improvement in export orders may bode well for trade and air cargo but this is unlikely to prevent air cargo finishing 2015 on a low note," said Mr Tyler.
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