I have been so focused on the international ocean market lately that it has been quite sometime since I posted anything airfreight related. I recently read a press release from IATA.org that showed a modest increase in global airfreight volumes.
Data release by IATA showed a 1.2 percent increase in global airfreight volumes in June compared to the same time period last year. Although the growth is weak, it marks an improvement over the 0.9 percent growth shown in May and the 0.1 percent growth through the first half of the year. Most of that growth was realized by European carriers while carriers in the Asia-Pacific and US realized declines of 1.8 percent and 1.2 percent respectively.
“It’s too early to tell if June was a positive turning point after 18 months of stagnation. Air freight volumes are at their highest since mid-2011, but that good news needs to be tempered with a dose of reality. The global economic environment remains weak, and the basis for the acceleration of air cargo growth in June appears to be fragile,” said Tony Tyler, IATA’s Director General and CEO.
Asia Pacific demand continues to remain sluggish with volumes declining 1.8 percent compared to the same time period last year. Year to date growth is currently down 2.3 percent and is currently the weakest of the global regions and continues to show signs of a contracting Chinese expansion.
Middle Eastern and Latin American airlines continue to show year over year growth of 12.7 percent and 7 percent respectively.