Air cargo demand remains flat

The International Air Transport Association (IATA) has announced traffic results for June, which showed a slight softening in airfreight demand that was 3% lower than in June 2010.

Freight volumes have not grown since July-August 2010. While world trade is expanding at 7% a year, the benefit is being realised more by modes of transport other than air.

Compared with May, the air cargo market contracted by about 1% – still in the doldrums at 6% below the post-recession peak.

Asia Pacific carriers, the biggest players in the air freight market with a 40.5% market share, also recorded the biggest year-on-year decline (-5.8%). This is mainly attributable to (a) disrupted supply chains for the electronics and auto industries in the wake of the Japanese tsunami and earthquake, and (b) slower economic growth in China. However, the strength of the region is reflected in the maintenance of the highest load factors (58.6%) well ahead of the 45.7% industry average for the month.

European carriers posted a 1.3% decline, and North American carriers recorded a decline of 3% compared with June 2010 levels.

Carriers in the Middle East, Latin America and Africa showed year-on-year growth for June, recording demand increases of 3.7%, 2.8% and 0.3% respectively.

IATA’s director general & CEO Tony Tyler said that rising jet fuel price is putting pressure on the bottom line. "The average price for the second quarter was $133/barrel, which is an increase of $10 over the first quarter. With an expected profit margin of only 0.7%, the ability of airlines to recoup this cost is critical to staying in the black for the year. Slower economic growth makes these challenges all the more difficult. It is certainly not the time to burden the industry with increases in other costs, including taxation."

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