While many airfreight carriers around the globe saw a slowdown in growth, Middle Eastern cargo lines reported a drastic increase in airfreight volumes.
Airfreight volumes grew 2.1 percent year-over-year in May, much lower than in May 2014, which saw 4.7 percent year-over-year growth, according to the latest figures from The International Air Transport Association (IATA).
IATA attributed the slower growth rate primarily to adverse developments in the Asia-Pacific region, where imports and exports have been slower than usual. For Asia-Pacific airfreight carriers, freight ton kilometers (FTK) increased 2.8 percent in May compared to May 2014 and capacity, measured by available FTK (AFTK), grew 6.7 percent.
In contrast, Middle Eastern airfreight carriers have been thriving. Robust trade in Middle Eastern economies and continued network and capacity expansion, which has encouraged airfreight to go through Middle Eastern hubs, have caused an 18.1 percent year-over-year FTK growth in May and a 19.4 percent increased in AFTK.
North American airfreight carriers had a disappointing first quarter due to bad weather and congestion at United States sea ports, but IATA projected economic improvements in the coming months. For North American airfreight carriers, FTK decreased 2.9 percent year-over-year in May and AFTK fell 4.2 percent.
For European airfreight carriers, FTK decreased 1.3 percent year-over-year in May and AFTK increased 2.7 percent.
For Latin American airfreight carriers, FTK decreased 10.5 percent year-over-year in May and AFTK increased 4.7 percent as trade in the region has been negatively effected by Brazil and Argentina’s weak economies.
African airfreight carriers, which make up a small percentage of the airfreight industry, saw FTK increase 3 percent year-over-year in May and AFTK increase 1.3 percent.
“Total freight traffic market shares by region of carriers in terms of FTK are: Asia-Pacific 38.6%, Europe 23.5%, North America 21.0%, Middle East 12.3%, Latin America 3.1%, Africa 1.6%,” IATA said in a statement.
IATA: Air cargo growth slows in May
