GENEVA, Swtiz.--The International Air Transport Association (IATA) Airline Industry Forecast 2013-2017 shows that international freight volumes are expected to grow 17% over the next five years. This consensus outlook incorporates a conservative estimate of the recovery in global economic activity and world trade volumes over the coming years, said the association.
“Air cargo is a key enabler for the movement of high value products and perishable goods around the globe. More than $6 trillion worth of goods is air freighted annually, accounting for around 35% of total world trade. But more recently, the relationship between international trade and GDP has broken down owing to rising trade barriers and ‘on-shoring’ of production. The successful conclusion of the World Trade Organization talks in Bali potentially could be very important in kick-starting trade growth. To be ready to take best advantage of possible opportunities, air cargo needs to work together as an industry to improve its competitiveness and enhance the quality of its service to customers,” said Tony Tyler, IATA’s Director General and CEO.
IATA forecasts that international freight volumes are expected to grow at a five-year compound annual growth rate (CAGR) of 3.2%. The largest (US) and the third largest (China) air freight markets in 2012 are likely to add more than one million additional tonnes each over the forecast period. As a result, China will supplant Germany as the second largest air freight market in 2017.
Hong Kong and the United Arab Emirates, meanwhile, will both contribute more than 700,000 tonnes each to the additional freight volume during the five year period until 2017, while the estimated imbalance in annual freight traffic flows from Asia to North America is expected to reach 1.1 million tonnes in 2017.