Middle Eastern air cargo market takes off in April

The global air cargo market showed signs of timid growth in April 2012 according to figures released by the International Air Transport Association (IATA). Global air traffic declined 4.2% compared to April 2011.
 
However this is to be expected as the market underwent a significant downturn throughout 2011 before bottoming out at the end of the year. In comparison to November 2011, air cargo traffic is up 2%. The result comes on the back of a marginal increase of 0.3% in March 2012.
 
Economic uncertainty and high oil prices mean that airlines remain cautious in light of the modest growth. Demand growth remains below capacity growth in all markets, however airlines in the Middle East have shown much greater demand increases year-on-year compared to the rest of the global market.
 
In the Middle East, air cargo demand increased by 14.5% year-on-year, although this was slightly behind a capacity increase of 15.1% since April 2011. Both international and domestic traffic increased at a similar rate, highlighting the continued growth of the transport market in the region. In addition, African carriers experienced a 6.1% increase in demand compared to April 2011; however this was behind a 9.0% increase in capacity.
 
By contrast, Asia Pacific carriers experienced a 7.3% decline in demand, notably above capacity cuts of 4.1%. The decline is partially attributed to a dramatic slowdown in exports from China; in particular the export of electrical products to Europe and the US.
 
In addition, European airlines saw a 4.9% fall in cargo traffic as capacity was only cut by 0.2%. North American carriers showed a 6.4% drop in demand, as capacity was cut by 2.9%.
 
Interestingly, Latin American carriers over-estimated market growth quite significantly and were less cautious in their approach as capacity in the region expanded by 8.8% year-on-year, yet demand fell by 3.6%.
 
The air cargo market is expected to see increased demand in 2012; however more significant growth is not expected until the second half of the year. Nevertheless, growth will largely hinge on the current economic uncertainty in Europe.
 
"It’s a volatile and risky world. Airlines are being cautious managing through the uncertainty. There are signs that cargo has bottomed out. Amid the many distortions that have marked the first four months of the year, it is possible to identify the start of a growth trend in cargo for some parts of the world. But economic uncertainty in Europe makes it very difficult to be optimistic in the near to medium-term," said Tony Tyler, IATA’s Director General and CEO. 

Quelle: eyefortransport

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