Air Freight Demand Continues Its Rebound

Overall global freight demand is up 3.8%, although some geographic areas have had some lessening of demand. The figures are furnished by the International Air Transport Association (IATA) that represents more than 240 airlines that handle 94% of all internationally scheduled air traffic.

Declines in cargo through July were North America down 0.9%, Latin America off 3.1% and Africa down 4.3%. In addition to growth in Middle East air freight, Asia/Pacific climbed 6.6% and Europe was up 1.3%.

Looking at the total air picture, including passenger traffic, Giovanni Bisignani, director general and CEO of said, “Efficiency is the story of the summer. More people are traveling than ever with record load factors. Combine that with a 10.5% improvement in fuel efficiency and a 56% increase in labor productivity since 2002 and it’s clear industry efficiencies have hit an all-time high. But there are risks. If the volatility in global stock markets begins to affect the wider economy, the spin-off effect could put a drag on demand. Airlines will have to maintain a prudent approach to adding new capacity.”